# SOMEBODY HELP ME WITH MATH!!!!!!

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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

• SOMEBODY HELP ME WITH MATH!!!!!! -

Plug and chug:

M = Pr/(1-(1+r)^-n)

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