MAT-144 Week 1 DQ 1 Calculating a monthly payment for a loan

MAT-144 Week 1 DQ 1 Calculating a monthly payment for a loan

In Chapter 1 of the text (1-13) you will look at calculating a monthly payment for a loan.  A simpler problem is to compute the amount a loan would cost you in one month.

Using information from an internet source, determine the current interest rate a credit card or loan. Suppose you borrow $1000 (or spend $1000) on a credit card. How much will you owe in one month? 6 months if you pay nothing for 6 months?

Compute the 6 month cost in two ways:

  1. Make 6 monthly computations. Enter these as formulas in a spreadsheet. (The goal here is really getting you to use spreadsheets and formulas for computations.)
  2. Use the formula, A= 1000(1 + r)N where N = the number of periods (6) and r = the periodic interest rate = APR/12, where APR is the annual percentage rate.

Click here to Find all Assignments for MAT-144 Course Didn’t find your answers? Don’t worry we are here to help you! Ask Questions

Course: MAT-144 College Mathematics
School: Grand Canyon University

  • : 28/08/2018
  • : 7
Available CoursesAsk Questions / Chat Now to Get Help Immediately