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FratBro23
Category:
Mathematics
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Question description

Suppose you borrow P dollars at a monthly interest rate of r (as a decimal) and wish to pay off the loan in t months. Then your monthly payment can be calculated using the following formula in dollars.

M = 
Pr(1 + r)t
(1 + r)t − 1
 
Remember that for monthly compounding, you get the monthly rate by dividing the APR by 12. Suppose you borrow $4600 at 9% APR (meaning that you use r = 0.09/12 in the preceding formula) and pay it back in 2 years.
(a) What is your monthly payment? (Round your answer to the nearest cent.)

 

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