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This question can be approached using the present value of annuity formula. The present value of annuity is given by 
, where: PV is the present value/amount of the loan, P is the periodic (monthly in this case) payment, r is the APR, t is the number of payments in one year and n is the number of years.
Given that the<span> financing is for a new road bike of $2,500 and that the bike shop offers a 13.5% APR for a 24 month loan.
Thus, PV = $2,500; r = 13.5% = 0.135; t = 12 payments (since payment is made monthly); n = 2 years (i.e. 24 months)
Thus,
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<span>
Therefore, his monthly payment is $119.44</span>
Given that the<span> financing is for a new road bike of $2,500 and that the bike shop offers a 13.5% APR for a 24 month loan.
Thus, PV = $2,500; r = 13.5% = 0.135; t = 12 payments (since payment is made monthly); n = 2 years (i.e. 24 months)
Thus,
</span>
<span>
Therefore, his monthly payment is $119.44</span>
<em>Factors and multiples are related by multiplication.</em>
<h2>Explanation:</h2>When you multiply numbers together to find a number, say, n, then those numbers are called factors of n. For instance:
On the other hand, a multiple, say, n, results when multiplying a number by an integer. For instance:
So is multiple of
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<em>As you can see, both factors and multiples implies a multiplication. So factors and multiples are related by multiplication.</em>
<h2>Learn more:</h2>Product of linear factors: brainly.com/question/13882113
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