Algebra 1

Published by Prentice Hall
ISBN 10: 0133500403
ISBN 13: 978-0-13350-040-0

Chapter 11 - Rational Expressions and Functions - 11-2 Multiplying and Dividing Rational Expressions - Practice and Problem-Solving Exercises - Page 663: 58



Work Step by Step

The monthly payment, $m$, is given by the function below. $$m=\frac{A(\frac{r}{12})(1+\frac{r}{12})^n}{(1+\frac{r}{12})^n-1}$$ The loan is 3000 at 6% annual interest paid over 24 months, so these numbers can be plugged into $A$, $r$, and $n$ respectively. Be sure to convert $r$ into its decimal form. $$m=\frac{3000(\frac{0.06}{12})(1+\frac{0.06}{12})^{24}}{(1+\frac{0.06}{12})^{24}-1} = 132.96$$
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