What would you need help with the most with this big problem?
The answer would be 48 because the first answer is 60 minus the second answer which is 12 to get 48
1) montly rate, r = 5% / 12 = 0.416% = 0.00416
2) capital, C = $ 450 = present value
3) time = 11 years => number of periods = 11 * 12 = 132
4) Formula: FV = C * (1 + r) ^ (number of periods)
5) Calculation: FV = $450 * ( 1 + 0.00416)^(132) = $ 779.07
Answer: $ 779.07
If I understand correctly, you went wrong because you solved for Y instead of M, like the question dictates.
all i can really say is it is a y angle
