Answer:
Solving the given formula for v2 gives us:
Step-by-step explanation:
Solving an equation for a particular variable means that the variable has to be isolated on one side of the equation.
Given equation is:
Multiplying both sides by t2-t1
Adding v1 to both sides of the equation
Hence,
Solving the given formula for v2 gives us:
Answer:
The monthly payment for the loan amount for 20 years is $806.167
Step-by-step explanation:
The principal loan amount= $ 50,000
The rate of interest = 7 %
the time period of loan = 20 years = 20 × 12 = 240 months
let the amount after 20 years = $ A
<u>From Compounded method</u>
Amount = Principal ×
or, A = 50,000 ×
or, A = 50,000 ×
Or, A = 50,000 × 3.8696
∴ Amount = $ 193,480
So, The amount after 20 years = $ 193,480
The monthly payment amount = $ = $ 806.167
Hence The monthly payment for the loan amount for 20 years is $806.167 Answer