Concept explainers
The number n of monthly payments of P dollars each required to pay off a loan of A dollars in its entirety at interest rate r is given by
a. A college student wants to buy a car and realizes that he can only afford payments of $200 per month. If he borrows $3000 and pays it off at 6% interest, how many months will it take him to retire the loan? Round to the nearest month.
b. Determine the number of monthly payments of $611.09 that would be required to pay off a home loan of $128,000 at 4% interest
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