AN ALTERNATIVE TO THE LOAN LENGTH FORMULA
Claude would need to take out a loan for about 9 years. where M! monthly payment p! principal r! interest rate t! number of years! CHECK YOUR UNDERSTANDING In Example 2, what impact would an increase in the monthly payment of $50 have on the length of the loan? EXAMPLE 2 Since the variable repre-senting time in the monthly payment formula is an ................
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