Use Theorem 0.25 to derive a formula for calculating the
Chapter , Problem 0.15(choose chapter or problem)
Use Theorem 0.25 to derive a formula for calculating the size of the monthly paymentfor amortgage intermsoftheprincipalP, theinterestrate I, andthenumber of payments t. Assume that after t payments have been made, the loan amount is reduced to 0. Use the formula to calculate the dollar amount of each monthly payment for a 30-year mortgage with 360 monthly payments on an initial loan amount of $100,000 with a 5% annual interest rate.
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