Discussion. xml 1. Consider the monthly payment formula M -
Px{+
What is the name of the
(1 + )" - 1
formula you get if you solve for p
What about if you solve for n? What special function do you need to use when
solving for n?
2. Does the monthly payment formula take compound interest into account?
3. Summarize how payday loans compare to typical loans. Use APR or APY in
your discussion. What are some reasons someone might consider taking such
a loan?