Find the Periodic Payment R Required to Amortize a Loan

question 164

Short Answer

Find the periodic payment R required to amortize a loan of P dollars over t years with interest earned at the rate of r%/year compounded m times a year. Round your answer to the nearest cent.
P = 70,000, r = 11.5, t = 24, m = 14
R = $__________

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Definitions:

Inverse Demand Function

A mathematical function that expresses the price of a good or service as a function of the quantity demanded, illustrating how price varies with changes in demand.

Landing Rights

The permission given by a country to a foreign airline to land in its territory.

Seating Capacity

The maximum number of individuals that can be accommodated in a venue with available seats.

Monopoly Profits

Excess profits earned by a monopoly as a result of having exclusive control over a market and the ability to set higher prices.