The following formula is used to calculate the monthly payment on a personal loan.
P = PV. i
________ - n
1 - (1+i)
In this formula, i represents the _________ of the loan.
A) Annual interest rate.
B) Interest rate per period
C) Initial amount
D) Incident amount
Explain why it would be letter B
The mathematics department has just received a $200000 donation. The department wants to invest in an annuity so that they can gove a prize every month to its most improved math student for next 15 years. The bank is offering 4.5% compounded monthly. What would be the size of the department’s monthly prize offered?
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