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LekaFEV [45]
2 years ago
11

In the monthly payment formula

Mathematics
2 answers:
kenny6666 [7]2 years ago
7 0

The value of interest rate (r) is equal to 0.054‬.

<u>Given the following data:</u>

  • Interest rate = 5.4%

To determine the value of interest rate (r):

<h3>How to calculate monthly payment.</h3>

Mathematically, the monthly payment on a loan is given by this formula:

M = \frac{Pr(1+r)^n}{(1+r)^{n-1}}

<u>Where:</u>

  • P is the principal or amount borrowed.
  • r is the interest rate.
  • M is the monthly payment.
  • t is the time or number of years.
  • n is the number of times it's compounded.

Generally, the interest rate (r) is given as a percentage and as such should be divided by 100.

r = \frac{5.4}{100}

r = 0.054‬.

Read more on interest rate here: brainly.com/question/24341207

Rasek [7]2 years ago
4 0

Answer: B. 0.0045

Step-by-step explanation: Disregard the answer above. I took the test and got this answer correct.

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