If you take out a 5 year loan of $8000 at 6% interest compounded monthly, then what will be each monthly payment correct to the nearest dollar?

Calculus For The Life Sciences
2nd Edition
ISBN:9780321964038
Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Chapter2: Exponential, Logarithmic, And Trigonometric Functions
Section2.1: Exponential Functions
Problem 53E: Interest Ron Hampton needs to choose between two investments: One pays 6% compounded annually, and...
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If you take out a 5 year loan of $8000 at 6% interest compounded monthly, then what will be each monthly payment correct to the nearest dollar?
Hint: You may want to use the following formula:
IA
R =
1-(1+ i)-"
Transcribed Image Text:If you take out a 5 year loan of $8000 at 6% interest compounded monthly, then what will be each monthly payment correct to the nearest dollar? Hint: You may want to use the following formula: IA R = 1-(1+ i)-"
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