Mathematics, 23.07.2019 02:00 s732609
Brady took out a loan for $2800 at an 18% apr, compounded monthly, to buy a computer. if he will make monthly payments of $201.50 to pay off the loan, how many total payments will he have to make?
Answers: 1
![M= P[\frac{r}{1-(1+r)^-^n}]](/tpl/images/0121/7501/36971.png)
Monthly payment, Â 
Loan amount, Â 
Annual interest rate and 
total number of periods.
![201.50=2800[\frac{0.015}{1-(1+0.015)^-^n}]\\ \\ 201.50=\frac{42}{1-(1.015)^-^n}\\ \\ 1-(1.015)^-^n=\frac{42}{201.50}\\ \\ 1-(1.015)^-^n=0.208\\ \\ (1.015)^-^n =1-0.208\\ \\ (1.015)^-^n=0.792\\ \\ log(1.015)^-^n=log(0.792)\\ \\ -n*log(1.015)=log(0.792)\\ \\ -n=\frac{log(0.792)}{log(1.015)}=-15.66\\ \\ n=15.66 \approx 16](/tpl/images/0121/7501/7df2a.png)
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Brady took out a loan for $2800 at an 18% apr, compounded monthly, to buy a computer. if he will mak...
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