A loan of $12,500 at 9% is to be repaid with n level payments. if in = 128.04, what is the value of n?
1 answer:
present value of annuity = annual payment * [ 1 - (1+i)^-n ]/i
=>
12500 = 128.04 * [1-(1+9%/12^-n]/9%/12
=>n = 42 payments
You might be interested in
Answer: Rosie is incorrect because she needs to do the exponent before subtracting.
(2 x 9) + (5 x 9)
= 7 x 9
= 63
$63 is the answer.
Hope it helped! :-D
I think it’s A and it’s B at the most but still...A
Answer: 7
Step-by-step explanation:
