Question

The formula m = 12,000 + 12,000rt 12t gives Keri's monthly loan payment, where r is the annual interest rate and t is the length of the loan, in years. What would Keri's monthly loan payment be if she got a 4% loan for 5 years? $ ___per month

Answer 1

Answer: 300 per month

Explanation:

Answer 2

$240

Explanation:

Fill in the given numbers and do the arithmetic.

`m=(12,000+12,000rt)/(12t)=(12,000+12,000\cdot 0.04\cdot 5)/(12\cdot 5)\\\\m=(14,400)/(60)=240`

Keri's monthly loan payment is $240 per month.