Collins Rose
04/22/2023 · Middle School
What is the first step when solving present or loan amortization using a formula? \( \begin{array}{ll}\text { a. decide what the monthly payment will be } & \text { c. determine the periods in the problem, which } \\ \text { b. apply the present amortization formula to } & \text { d. determine the interest rate in the problem } \\ \text { determine the balance }\end{array} \)
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The first step when solving present or loan amortization using a formula is:
**c. determine the periods in the problem.**
Understanding the number of periods (months, years, etc.) is crucial as it will influence the calculations for the monthly payment, interest rate, and overall loan structure.
Quick Answer
The first step is to determine the periods in the problem.
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