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worty [1.4K]
3 years ago
6

Q1: Payments of $ 670 are being made at the end of each month for 5 years at an interest of 8% compounded monthly. Calculate the

Present Value.
Mathematics
2 answers:
balu736 [363]3 years ago
6 0

<em>Payment of </em><em>$ 670</em><em> with </em><em>interest </em><em>every month </em><em>8%</em>

<em>Then the payment is made for </em><em>5 years</em>

<em>If this year is the fifth year, the total payment is</em>

<em>(</em><em>$ 670</em><em> + </em><em>8%</em><em>) x </em><em>60 months</em><em> (</em><em>1 </em><em>Year </em><em>12 </em><em>Months, </em><em>12 </em><em>Months multiplied by </em><em>5</em><em>)</em>

<em>(</em><em>$ 670</em><em> + </em><em>$ 53.6</em><em> (monthly interest)) x </em><em>60</em>

<em>$ 723.6</em><em> x </em><em>60</em><em> = </em><em>$ 43,416</em>

So, the current value is $ 43,416

<h2>Further Explanation</h2>

The current value is determined from the following calculation:

8% is the monthly interest on a $ 670 loan

Borrowing is done within a period of 5 years, which is around 60 months (12 months x 5 years)

The formula used is

(Amount of Payment + Monthly Interest) x 5 Years (60 months) = Results

If entered into the value, the calculation is as follows:

Current value = ($ 670 + 8%) x 60

Current value = ($ 670 + 0.8) x 60

Current value = ($ 670 + $ 53.6) x 60

Current value = $ 723.6 x 60

Current value = $ 43,416

The total to be paid for 5 years is $ 43,416

More information

8% interest = 0.8 x 670

So 8% of 670 is 53.6

and monthly payments are the result of the sum of payments and monthly interest, 723.6

Learn More

Loan Interest  brainly.com/question/13918421

The Calculated  brainly.com/question/13903315

Details

Grade: Middle School

Subject: Mathematics/Business

Keyword: loan, interest, payment

Jlenok [28]3 years ago
4 0

Answer:

So, the present accumulated value is, $ 49557.69

Step-by-step explanation:

According to the question, payments of $ 670 are being made at the end of each month for 5 years at an interest of 8% compounded monthly. So, present accumulated value, =

$ \sum_{x = 1}^{60}670 \times (1 + \frac{8}{12 \times 100})^{x}

= $ (670 \times (\frac {(1 + \frac {2}{300})^{61} -  ( 1 + \frac{2}{300})}{\frac{2}{300}})

\simeq $ 49557.69

So, the present accumulated value is, $ 49557.69

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