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anonymous

  • one year ago

If Jose secures a $4000 loan that he will pay back in three years with a monthly interest rate of 1%, what is his monthly payment?

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  1. anonymous
    • one year ago
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    what is the formula that i use?

  2. jim_thompson5910
    • one year ago
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    \[\Large M = \frac{L*i}{1-(1+i)^{-n}}\] M = monthly payment L = amount loaned out i = monthly interest rate n = number of months (convert years to months) So, M = unknown for now L = 4000 i = 0.01 (convert percent form to decimal form) n = 36 (36 months = 3 years)

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