Wow - that is an unusual calculation. You'll need a formula for the monthly payment of a monthly annuity, and it is located here:
http://www.1728.org/annuity3.htm (see formula 2)
You'll find THAT page and THIS page very helpful:
http://www.1728.org/annuitym.htm
rate = rate / 1,200
rate =
<span>
<span>
<span>
0.005166666667
</span>
</span>
</span>
n= number of months = 5 * 12 = 60
monthly amount = [Total] / ([(1 + rate)^(n+1) -1] / [rate]) -1
monthly amount =
55,000 / [[( 1<span>.005166666667)^</span>(61)-1] / 1<span>.005166666667] -1
</span>
monthly amount = 55,000 / [[<span><span>1.3693761617</span> -1</span>] / .005166666667]-1
monthly amount = 55,000 / [[.3693761617] / .005166666667]-1
monthly amount = 55,000 /
((<span>
<span>
<span>
71.4921603244)-1)
</span></span></span>monthly amount = 55,000 / (<span>
<span>
70.4921603244)</span></span>
<span><span><span>monthly amount = 780.2286062293
</span>
</span>
</span>
OR 780.23 (rounded)
Yes, it's just that "simple". LOL
Answer: 10: Additive Property
12: Distributive Property
Step-by-step explanation:
