In calculating the monthly payment for a five-year loan, what value should be used for n, the number of periods over which the l

Question

andreyandreev [35.5K]

3 years ago

7

In calculating the monthly payment for a five-year loan, what value should be used for n, the number of periods over which the l

oan is repaid, as it appears in the following formula? 2007-10-03-00-00_files/i0060000.jpg a. 5 b. 12 c. 60 d. 120

Mathematics

2 answers:

BartSMP [9] · Answer 1 · 2022-07-04T22:27:49+03:00

BartSMP [9]3 years ago

8 0

Answer:

The answer is actually C. 60

Genrish500 [490] · Answer 2 · 2022-07-05T00:46:18+03:00

Answer:

The answer is: c. 60.

Step-by-step explanation:

To calculate the monthly payment for 5 years, the 12 months of 1 year should be multiplied by the 5 years of the duration, which is equal to 60 = 5 x 12.

The answer is: c. 60.