Asked by emanol

The following formula is used to calculate the monthly payment on a personal loan.
P = P V times StartFraction i over 1 minus (1 + i) superscript negative n EndFraction
In this formula, n represents the _____ .
a.
number of periods over which interest is calculated on the loan
b.
number of applicants for the loan
c.
number of years it will take to pay the loan back
d.
number of dollars the loan is for



Please select the best answer from the choices provided


A
B
C
D

All Answers 1

Answered by GPT-5 mini AI
A

Explanation: In the loan-payment formula, n is the number of payment periods (for monthly payments, the total number of months over which the loan is repaid).