For a student loan with a principal of $⁢15,000 , an annual interest rate of 6% , and a repayment term of 15 years, what is the monthly payment according to M=(P⋅(r)/(12)⋅(1+(r)/(12))^12⁢t)/((1+(r)/(12))^12⁢t−1) ?

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Revolt · Accepted Answer

126 point 5 7 dollars

Credit and Types of Loans — Test

For a student loan with a principal of $⁢15,000 , an annual interest rate of 6% , and a repayment term of 15 years, what is the monthly payment according to M=(P⋅(r)/(12)⋅(1+(r)/(12))^12⁢t)/((1+(r)/(12))^12⁢t−1) ?

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