Problem 1: The monthly payment M of a loan amount P for y years and with interest rate r can be calculated by the formula: P(r/12) M = 1-(1+r/12)-12y Calculate the monthly payment and the total payment for a $100,000 loan for 10, 11, 12, ..., 29, 30 years with an interest rate of 4.85%. Display the results in a three-column table where the first column is the number of years, the sec- ond is the monthly payment, and the third is the total payment.
Problem 1: The monthly payment M of a loan amount P for y years and with interest rate r can be calculated by the formula: P(r/12) M = 1-(1+r/12)-12y Calculate the monthly payment and the total payment for a $100,000 loan for 10, 11, 12, ..., 29, 30 years with an interest rate of 4.85%. Display the results in a three-column table where the first column is the number of years, the sec- ond is the monthly payment, and the third is the total payment.
Chapter6: Updating Data
Section: Chapter Questions
Problem 4SCG
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Problem 1: The monthly payment M of a loan amount P for y years and with interest rate r can be calculated by the formula: P(r/12) M = 1-(1+r/12)-12y Calculate the monthly payment and the total payment for a $100,000 loan for 10, 11, 12, ..., 29, 30 years with an interest rate of 4.85%. Display the results in a three-column table where the first column is the number of years, the sec- ond is the monthly payment, and the third is the total payment.
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