Figure 8.38 shows a contour diagram for the monthly payment P as a function of the
Chapter 8, Problem 13(choose chapter or problem)
Figure 8.38 shows a contour diagram for the monthly payment P as a function of the interest rate, r%, and the amount, L, of a 5-year loan. Estimate P/r and P/L at the point where r = 8 and L = 5000. Give the units and the financial meaning of your answers. 2,000 3,000 4,000 5,000 6,000 7,000 8,000 1 3 5 7 9 11 13 15 60 80 100 120 140 L($) r(%) Figure 8.38
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