You can use the formula P=A(i/1-(1+i)-n) monthly payment on a loan of A dollars that is paid back in equal monthly payments over
n months. The variable i represents (annual interest rate 12). Seki has a $4,000 student loan with an 8% annual interest rate which he is scheduled to pay off in 10 years. Use the formula and a calculator to find Seki’s monthly payment.