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2 years ago

4. 10. 4 Test (CST):

2 answers:

4 0

Based on the value of the annuity, the amount it earns, and the compounding period, the money paid to Nathan each month will be B. $5,840.62.

<h3>How much will Nathan be paid monthly?</h3>

The amount Nathan will be paid is an annuity because it is constant.

First find the monthly interest and the compounding period in months:
= 4.8/12 months

= 0.4%

Number of compounding periods:

= 20 x 12

= 240 months

The monthly payment is:

Present value of annuity = Annuity x ( 1 - (1 + rate) ^ -number of periods) / rate

900,000 = A x ( 1 - (1 + 0.4%)⁻²⁴⁰) / 0.375%

900,000 = A x 154.0932

A = 900,000 / 154.0932

= $5,840.62.

Find out more on the present value of an annuity at brainly.com/question/25792915.

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Ivenika [448]2 years ago

3 0

If APR is compounded monthly for a period of 20 years. The amount of money that Nathan will be paid each month is: B. $5,840. 62.

<h3 /><h3>Monthly payment</h3>

Using the formula

PMT=PV÷[(1-(1+r/k)^(-kn))÷(r/k)]

Where:

Present value (pv)=$900,000

Interest rate (r)=4.8% or 0.048

Number of month (k)=12 months

Number of years (n)= 20 years

Let plug in the formula

PMT=900,000÷[(1−(1+0.048÷12)^(-12×20))÷(0.048÷12)]

PMT=900,000÷[(1−(1.004)^(-240))÷(0.004)]

PMT=900,000÷154.093

PMT=$5,840.62

Therefore the amount of money that Nathan will be paid each month is: B. $5,840. 62.

<h3 />

Learn more about monthly payment here:brainly.com/question/10042577

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