Flake1 Flake1
  • 01-10-2017
  • Mathematics
contestada

Find the saving plan balance after 4 years with an apr of 7% and monthly payments of 100

Respuesta :

mathmate
mathmate mathmate
  • 01-10-2017
APR=7%, monthly interest rate, i=7%/12=0.07/12
Monthly payment, A=100
After 4 years, n=4*12 = 48 months,
the balance F is therefore
F = A((1+i)^n-1)/i
=100((1+0.07/12)^48-1)/(0.07/12)
=5520.92

Answer: the balance after 4 years at APR=7% with monthly payment of $100 is $5520.92 to the nearest cent.
Answer Link

Otras preguntas

Kurt cut pizzas into wedges measuring 40 degrees if each person eats one piece of pizza how many people could he feed with two whole pizzas
Tameron is driving 540 miles to college. If he drives at an average rate of 45 miles per hour, how many hours will it take him to get 3434 of the way there?
What labor union begun by uriah stephens to improve workers conditions?
The name Meiji means _____. chosen one restoration enlightened rule honorable one
who invented the apple phones
How do you simplify 15.5 in fraction form
Which of the following is acceptable to use or take during pregnancy? a. tobacco b. alcohol c. medication unapproved by a doctor d. none of the above
Which of the following areas will most likely have the greatest amount of surface runoff? low, flat plain steep mountainside sandy beach dry desert sand
if two fractions have the same denominator but different new Mary which fraction is greater? Give an example
Which of the following is not a river in Africa? A. Niger B. Tigris C. Zambezi D. Congo