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Title: you take out a personal loan from the bank for $15,000 to pay for unexpected roof repairs
Description: exam questions with complete answer and explanation

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QUESTION

Answer
Monthly payment formula :
A = P(r(1+r)n)/((1+r)n-1)
A = $469
...
5% per year/ 12 months or 0
...
00625(1+0
...
00625)36 - 1
= 117
...
25
A = $469
Title: you take out a personal loan from the bank for $15,000 to pay for unexpected roof repairs
Description: exam questions with complete answer and explanation