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Answer: 2 years 1 month
Step-by-step explanation:
2 years 1 month at $100 a month = $2,500
$720 x 2 years = $1,440
$720 / 12 months = $60
$1,440 + $60 = $1,500
$4,000 - $1,500 = $2,500
Answer:
-48.89
Step-by-step explanation:
|5.74 + 2.89| – |16.20 + 41.32
|8.63| – |57.52|
= - 48.89
The Future Value of an Annuity is given by:FV = P [(1 + r)^n -1 / r] where the periodic payment P = $45
N = number of period = 360. And r = rate per period = (0.08/12) = 0.0066667
So we have 45[((1 + 0.0066667)^(360) - 1)/ 0.0066667] = $16, 405. 27