Determine the periodic payments PMT on the given loan or mortgage. (Round your answer to the nearest cent.) $40,000 borrowed at 5% for 9 years, with monthly payments PMT = $
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Step 1
First, we need to find the monthly interest rate. Since the annual interest rate is 5%, we can divide it by 12 to get the monthly interest rate: Monthly interest rate = (5% / 12) = 0.05 / 12 = 0.0041667 Show more…
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