Thursday

August 28, 2014

August 28, 2014

Posted by **Shelly** on Wednesday, July 29, 2009 at 10:39pm.

Let w = (r)/(12)

Then the formula to determine the monthly payment amount for a loan is given by

(Aw)/1-(1)/ (1+w)^m

(a) What is the numerical value of w?

(b) What is the monthly payment? (Show values substituted in the formula, and calculate the numerical amount.) Note: Since the loan is an amount in dollars and cents, it’s important to maintain a high degree of precision in intermediate calculations, and round to the nearest cent at the end.

(c) If Alice makes all 60 payments, how much will have been paid altogether?

- Algebra -
**drwls**, Thursday, July 30, 2009 at 1:17amIn order to provide numnerical answers, the initial loan principal A and the interest rate r must be given. You have not provided them.

They already tell you how to calculate w once r is known.

Your monthly payment formula does not look like you copied it correctly

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