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Craig sent this problem : “You are given: P = $4,000, r = 9%, n = 60 mos., and R = $ 83.03

Craig sent this problem : “You are given: P = $4,000, r = 9%, n = 60 mos., and R = $ 83.03 On an amortized loan , and then you refinance after 12 months . What is the new monthly payment ?”. What have you already paid? What did you owe, with interest? What is now owed?

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Craig sent this problem : “You are given: P = $4,000, r = 9%, n = 60 mos., and R = $ 83.03

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  1. Craig sent this problem: “You are given: P = $4,000, r = 9%, n = 60 mos., and R = $83.03 On an amortized loan, and then you refinance after 12 months. What is the new monthly payment?” • What have you already paid? • What did you owe, with interest? • What is now owed? • What is the new payment? (Assuming 60 months at 9% again.)

  2. Craig sent this problem: You are given: P = $4,000, r = 9%, n = 60 mos., and R = $83.03 On an amortized loan, and then you refinance after 12 months. What is the new monthly payment? Solve for R:

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