Question: This is the correct answer (a) Finding the monthly payment The monthly payment to pay off an amortized loan is given by this formula. Monthly

This is the correct answer

(a) Finding the monthly payment The monthly payment to pay off an amortized loan is given by this formula. Monthly Payment Formula P 12 M= Here M is the monthly payment, P is the principal, r is the interest -12t rate, and t is the number of years that payments are made. 1 1+ 12 To find Melissa's monthly payment, we use these values. P = $94,000 r =3.3% = 0.033 1 = 40 years By substituting these values into the formula and using the ALEKS calculator, we get this. 0.033 94,000 12 M=- = 352.958... 0.033 12(40) 1 - 1 + 12 Rounding to the nearest cent, we find that Melissa's monthly payment is $352.96

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