In calculating the monthly payment for a five-year loan, what value should be used for n, the number of period

Question

In calculating the monthly payment for a five-year loan, what value should be used for n, the number of periods over which the loan is repaid, as it appears in the following formula?
                                   P = P V times StartFraction i over 1 minus (1 + i) superscript negative n EndFraction
a.
5
b.
12
c.
60
d.
120

GPT-5 mini · Answer

c. 60

Explanation: For monthly payments over 5 years, n = 5 × 12 = 60 months (with i the monthly interest rate).

In calculating the monthly payment for a five-year loan, what value should be used for n, the number of periods over which the loan is repaid, as it appears in the following formula?
P = P V times StartFraction i over 1 minus (1 + i) superscript negative n EndFraction
a.
5
b.
12
c.
60
d.
120

All Answers 1

Submit Your Answer

In calculating the monthly payment for a five-year loan, what value should be used for n, the number of periods over which the loan is repaid, as it appears in the following formula? P = P V times StartFraction i over 1 minus (1 + i) superscript negative n EndFraction a. 5 b. 12 c. 60 d. 120

All Answers 1

Submit Your Answer

In calculating the monthly payment for a five-year loan, what value should be used for n, the number of periods over which the loan is repaid, as it appears in the following formula?
P = P V times StartFraction i over 1 minus (1 + i) superscript negative n EndFraction
a.
5
b.
12
c.
60
d.
120