SOLVED: When a loan of principal amount, P, is taken at an annual interest rate i with a repayment period of n years, the following equation provides the monthly payment, A: [A = fracP cdot left(fraci12ight)1 - left(1 fraci12ight)^-n cdot 12]Create a VBA function called payment(P, i, n) that will output the monthly payment (A) based on the principal, annual interest rate, and lifetime of the loan.IMPORTANT: The interest rate, i, should be entered into your function as a fraction, NOT as a perc
SOLVED: When a loan of principal amount, P, is taken at an annual interest rate i with a repayment period of n years, the following equation provides the monthly payment, A: [A =
VIDEO ANSWER: The amount that we accumulate is equal to the principal we invest times 1 and the interest rate divided by the number of compounding periods rais…
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