Eli is taking out $29520 loan for medical bills. The agreement was for a 5 year loan at 7.1% APR. What will be his monthly payment

$582.48

Step-by-step explanation: TVM Solver Equation

N = 60 (5 x 12 months)

I% = 7.1%

PV = $29,520

PMT = -$582.47881

FV = 0

P / Y = 12 (months)

C / Y = 12

PMT: BEGIN  

step-by-step explanation:

the original amount doesn't ''re just looking for the time it takes for 1/2 of the substance to we have

(1/2) =)     take the ln   of both sides

ln (1/2)   = )   and we can write

ln(1/2) = ) lne     and lne   = 1     so we have

ln(1/2) = -.1092t     divide both sides by -.1092

t = ln(1/2)/-.1092 = about 6.347 days = about 6.3 days (rounded)

step-by-step explanation: