Bill borrowed money from a bank to invest in rare coins.
She took out a personal, amortized loan for $23,500 at an interest rate of 7.9% with monthly payments for a term of 3 years.
For each part, do not round any intermediate computations and round your final answers to the nearest cent.
If necessary, refer to the list of financial formulas.
Financial Formulas
P= principal
I= simple interest
r= annual interest
t= time or term of investment or loan (in years)
A= future value or amount accumulated
n= number of time interest is compounded per year
e= Euler's number
M= installment payment or monthly payment
Y= effective annual interest rate or effective annual yield
Find Donna's monthly payment.____$
