Use Table 12-2 from Your Text to Calculate the Amount

question 121

Short Answer

Use Table 12-2 from your text to calculate the amount of the periodic payment required to amortize (pay off) the loans, rounding to the nearest cent: $\begin{array}{llllll}\text { Loan } & \text { Payment } & \text { Term of } & \text { Nominal } & \text { Interest } & \text { Present Value } \\\underline{\text { Payment }}& \underline{\text { Period }} & \underline{\text { Loan }} & \underline{\text { Rate }} & \underline{\text { Compounded }} & \underline{\text { (Amount of Loan) } }\\& \text { every month } & 3 \text { years } & 6 \% & \text { monthly }& 1,800\end{array}$

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Definitions:

Social Factors

Elements within society, such as family, education, and cultural norms, that influence an individual's behavior and viewpoints.

Environmental Factors

Components external to the individual that can influence their behavior, development, and well-being, including physical, social, and cultural aspects.

Personality Development

The change and growth of an individual's personality traits over time, influenced by genetic, environmental, and social factors.

Social Investment Principle

The theory that individuals' maturity and psychological growth are influenced by their engagement in and commitments to social roles and responsibilities.