U Question 5
5 pts
Below is the formula for calculating monthly payments for a fixed-rate loan.
M=P
Part 1: Explain what the following variables represent and how changing each one
affects the monthly payment amount: P. I, and t.
Part 2: Explain how changing each variable (P. i, and t) affects the total cost of
principal and interest over the life of the loan. (5 points)
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