Mathematics, 21.05.2020 20:04, pinnij20

Katelyn plans to apply for a $10,000 loan at an interest rate of 5.6% for 5 years. Use the monthly payment formula to complete the statement

P(r/12)(1 + r/12) ^12t

M = (1 + r/12)^12t - 1

M=monthly payment

P=principal

r=interest rate

t=number of years

Rounded to the nearest cent Katelyn's monthly payment for the loan is $?

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Katelyn plans to apply for a $10,000 loan at an interest rate of 5.6% for 5 years. Use the monthly p...