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1 year ago

In the monthly rate payment formula M= Pr(1+r)^n/(1+r)^n-1, what value do you give r if the interest rate is 7.3%?

Mathematics

1 answer:

ycow [4]1 year ago

7 0

Answer:

r = 0.073/12 ≈ 0.0060833...

Step-by-step explanation:

In the given amortization formula, the interest rate (r) is the rate for one payment period.

<h3>Period interest rate</h3>

The given 7.3% interest rate is presumed to be a nominal annual interest rate. Since there are 12 months in a year, the corresponding monthly interest rate is ...

7.3%/12 = 0.073/12 ≈ 0.00608333...(repeating)

The value of r that goes in this formula is 0.0608333...(repeating).

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Dividing both side from 50 we get,

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Now Subtracting Equation 3 by equation 2 we get,

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∴ Jenny save 4 Months of $\$ 250$ and 8 Months of $\$ 350$ in a 12 month duration

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