Question

Find the monthly payment for the loan. (Round your answer to the nearest cent.)
$100 loan for 12 months at 15%

Answer 1

\(i = 0.15\)
\(j = I/12\)
\(v = 1/(1+j)\)

\(Pmt = 100\cdot\dfrac{1-v}{v-v^{13}}\)

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