Suppose you borrow $10,000 for n months to buy a car at an interest rate of 7.8%
Question:
(a) Rewrite the expression on the right-hand side of this formula as a fraction with only positive exponents.
(b) Find the monthly payment for a 48-month loan. Use both the original formula and your result from (a). (Both formulas should give the same payment.)
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Related Book For
Mathematical Applications for the Management Life and Social Sciences
ISBN: 978-1305108042
11th edition
Authors: Ronald J. Harshbarger, James J. Reynolds
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