Mathematics

10 November, 17:20

Maricela was recently approved for an $18,000 loan for 5 years at an interest rate of 6.2%. Use the monthly payment formula to complete the

statement

M = (1 + 5 * - 1

M = monthly payment

P = principal

r=interest rate

= number of years

Maricela's monthly payment for the loan iss

+2

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