Algebra 1: Common Core (15th Edition)

Published by Prentice Hall
ISBN 10: 0133281140
ISBN 13: 978-0-13328-114-9

Chapter 11 - Rational Expressions and Functions - 11-2 Multiplying and Dividing Rational Expressions - Practice and Problem-Solving Exercises - Page 675: 58

Answer

$\$132.96$.

Work Step by Step

The formula for the monthly payments is $m=\frac{A\left (\frac{r}{12} \right ) \left (1+\frac{r}{12} \right )^n}{\left (1+\frac{r}{12} \right )^n-1}$ The given values are Amount borrowed $A=\$3000$, Rate of interest $r=6\%=0.06$, Number of months $n=24$. Substitute all values. $m=\frac{3000\left (\frac{0.06}{12} \right ) \left (1+\frac{0.06}{12} \right )^{24}}{\left (1+\frac{0.06}{12} \right )^{24}-1}$ Simplify. $m=\frac{16.9073966431}{0.1271597762}$ $m=132.961830764$ $m=132.96$ (Two decimal places.)
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