In 510, use PMT = Pa r n b c 1 - a1 + r n b -nt d to determine the regular payment

Chapter 8, Problem 10

(choose chapter or problem)

In Exercises 5 - 10, use

\(P M T=\frac{P\left(\frac{r}{n}\right)}{\left[1-\left(1+\frac{r}{n}\right)^{-n t}\right]}\)

to determine the regular payment amount, rounded to the nearest dollar.

Rework Exercise 6 assuming you decide to pay off the balance over one year rather than two. How much more must you pay each month and how much less will you pay in total interest?

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