First find the yearly payment using the formula of the present value of annuity ordinary The formula is Pv=pmt [(1-(1+r)^(-n))÷r] Pv present value 276475 Pmt yearly payment ? R interest rate 0.0565 N time 30 years
Now solve for pmt The formula change to be Pmt=pv÷ [(1-(1+r)^(-n))÷r] Plug in the equation above Pmt=276,475÷((1−(1+0.0565)^(−30))÷(0.0565))=19,339.22
Now find the cost of the principle and interest after 30 years by multiplying the yearly payment by the time
In Nelson Mandela's family he was the first to receive a formal education. At that time, very few black kids attained high school education in South Africa.
