Choose a concept and give a real-world example of when it would be useful. Choose one of the consumer math concepts discussed in the chapter and explain where it would be useful and give a sample calculation (DO NOT select Car Payments as there is an example below using that concept).Calculating the monthly payment of a loan or credit cardTotal amount of money paid for a loanMonthly payment of a mortgageThe amount of interest paid for a loan.EXAMPLE:There are many practical applications for the concepts and formulas discussed in the Consumer Math chapter.The concepts include calculating the monthly payment of a loan or credit card,total amount of money paid for a loan, monthly payment of a mortgage, and the amount of interest paid for a loan. Pick one of the concepts discussed in this chapter and give a real-world example of when it would be useful.A real life example of consumer mathwould be calculating monthly car payments. A car payment is calculatedusing the price of the car (the principal), the interest rate, and number ofmonthly payments (how long you plan to finance the car). For example, ifyou plan to finance a $25,000 car, with an interest of 6%, for 3 years, here ishow the monthly payment would be calculated:(P x (i / 12)) / (1 – (1 + i / 12)-n) = monthly carpaymentP is your car loan principal = $25000i is your interest rate = 0.06n is the number of monthly payments = 36After plugging in the information and solving your monthly payment comes to:($25,000 x (6% / 12)) / (1 – (1 + 6%/ 12)-36) == (25,000 x (0.06 / 12)) / (1 – (1 +0.06 / 12) -36) == (25,000 x 0.005) / (1 – (1 +0.005) -36) == $760.55

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