SOMEBODY HELP ME WITH MATH!!!!!!
posted by MathHelp on .
A person wishes to borrow $20,000 and has the following options. One lending source offers the loan for 24 monthly payments at an annual percentage rate of 14%. The second source offers the loan for 18 monthly payments at an annual percentage rate of 16% which of these two payment schedules has the lower monthly payment
Plug and chug:
M = Pr/(1-(1+r)^-n)