Find the monthly payment p=$20,000 i=12% t=5 years

$5,548.20

Step-by-step explanation:

p=$20,000

i=12%

t=5 years

find the monthly payment

solution:

                                       r(1 + r)^n

monthly payment = P

                                     (1 + r)^n - 1

                                                0.12 (1 + 0.12)^5

                              = 20,000

                                               (1 + 0.12)^5 - 1

                              = 20,000 x   0.211

                                                   0.762

                              = 20,000 x 0.277

                              = $5,548.20

therefore,

the monthly payment is $5,548.20

see below

step-by-step explanation:

x+2> 6

subtract 2 from each side

x+2-2 > 6-2

x > 4

there is an open circle at 4 since is it is greater than and the line goes to the right