# First substitute the given values into the formula obtained from the inside- back cover. Then manipulate the

## Question:

Use formula (13-1) to calculate i if PMT = $900 and PV = $150,000. (There are several instances in our formulas where a two- or three-letter symbol is used for a variable. This is usually done to make the symbol more suggestive of the quantity it represents. For example, we use PMT to represent the amount of each payment in a series of regular payments. The symbol P has already been taken to represent another quantity that begins with “p.”)

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## Step by Step Answer:

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