It is B because I had the question before in my school
You write it out then you’ll get the exponent
Present Value of an annuity is given by the formular
PV = P(1 - (1 + r)^-n)/r; where PV = $28,000, r = 0.081/12 = 0.00675, n = 35 and P is the periodic (monthly) payment.
P = PVr/(1 - (1 + r)^-n) = (28,000 x 0.00675)/(1 - (1 + 0.00675)^-35) = 189/0.2098 = 900.90
Therefore, the monthly payment is $900.90
Step-by-step explanation:
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