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Question

The interest rate on a car loan affects the monthly payment. The function that relates the monthly payment for a 5 -year loan (60-month loan) to the monthly interest rate is given by

$P(x)=\frac{C x}{\left[1-\frac{1}{(x+1)^{60}}\right]}$

where $x$ is the monthly interest rate (as a decimal), $C$ is the loan amount, and $P(x)$ is the monthly payment.

Simplify the complex fraction.

Solution

VerifiedAnswered 1 year ago

Answered 1 year ago

Step 1

1 of 3In this problem, we are given the function that relates the monthly payment for a $5$ year loan to the monthly interest rate where $x$ is the monthly interest rate, $C$ is the loan amount, and $P(x)$ is the monthly payment.

$P(x)=\dfrac{Cx}{[1-\frac{1}{(x+1)^{60}}]}$

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