Algebra
posted by Shelly .
Suppose A is the amount borrowed, r is the interest rate (in decimal form), and m is the total number of monthly payments.
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, itâ€™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
In 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
Respond to this Question
Similar Questions

Algebra
Suppose Alice buys a car and obtains a 5 year loan for $25,000 at an interest rate of 6%. Suppose A is the amount borrowed, r is the interest rate (in decimal form), and m is the total number of monthly payments. Let w = (r)/(12) Then … 
Algebra
I am trying to work through this problem and am having trouble. Can someone tell me what the "w" stands for in the equation and walk me through the steps? 
Algebra
I am trying to work through this problem and am having trouble. Can someone tell me what the "w" stands for in the equation and walk me through the steps? 
Algebra
Suppose A is the amount borrowed, r is the interest rate (in decimal form), and m is the total number of monthly payments. 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 … 
buissness math
Determine the total in Dexter's account after the second month using the information below. Dexter Banler's account Principal: $1,604 Rate: 10% compound Length of period: month $3208.00 $1764.40 $1630.85 3. Ray Sugar's account Principal: … 
Consumer math !!!! please check
Determine the total in Dexter's account after the second month using the information below. Dexter Banler's account Principal: $1,604 Rate: 10% compound Length of period: month >$3208.00 $1764.40 $1630.85 3. Ray Sugar's account … 
algebra
mr.thomas wants to buy a boat. he must make 548 monthly payments to pay back the amount he borrowed, plus interest. his monthly payment is $161.85. what other information is necessary to determine the amount of money mr.thomas borrowed … 
Math
I need help with this I keep putting the numbers in wrong on the formula ! PLEASE HELP Price of article = $315.50 Down payment = $31.55 Monthly payment amount = $16.50 Duration of payments = 20 months True annual interest rate to the … 
math
OMG I CAN NOT get this !!!! Purchase price of article = $495 Down payment = $50 Number of payments = 36 True annual interest rate = 18% Monthly payment amount = $ The formula is I= 2YC ________ M(N+1) y = the number of payments made … 
Math
The monthly loan payment was calculated at 119 payments of $348.33 plus a final payment of $347.54. Loan Balance: $30,000.00 Loan Interest Rate: 7.00% Monthly Loan Payment: $348.33 Number of Payments: 120 Cumulative Payments: $41,798.81 …