Mathematics

29 August, 22:03

In calculating the monthly payment for a five-year loan, what value should be used for n, the number of periods over which the loan is repaid, as it appears in the following formula? P = P V times StartFraction i over 1 minus (1 + i) superscript negative n EndFraction

a. 5

b. 12

c. 60

d. 120

The answer is C, 60

+5

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