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Business, 27.06.2019 20:00 alext549

If a loan of p dollars, at an interest rate of r percent per year compounded monthly, is payable in n monthly installments of m dollars each, then m is determined by the formula \small m=\frac{\frac{rp}{1,200}}{1-\left (1+\frac{r}{1,200}\right)^{-n}}. john and sue took out loans whose monthly installments were determined using the formula above. both loans had the same interest rate and the same number of monthly installments. john's monthly installment was what percent of sue's monthly installment?

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