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The Present value of an annuity is given by PV = P(1 - (1 + r/t)^-nt)/(r/t)
where: P is the monthly payment, r is the annual rate = 7% = 0.07, t is the number of periods in one year = 12 and n is the number of years = 3.
18,000 - 6,098 = P(1 - (1 + 0.07/12)^-(3 x 12)) / (0.07/12)
11,902 = P(1 - (1 + 0.07/12)^-36) / (0.07/12)
P = 0.07(11,902) / 12(1 - (1 + 0.07/12)^-36) = 367.50
Therefore, monthly payment = $367.50
Answer:
.78 x = 42
x = 42 / .78
The number is 53.8461538462
Step-by-step explanation:
Answer:
Here I think you need to do $15-50%=7.5 and $10-50=5
Step-by-step explanation:
Find out how much you get money from the annual interest:
100% = 1750
1% = 1750 ÷ 100 = 17.5
6.05% = 17.5 x 6.05 = 105.87
Find out how much you get from interest in 2 years.
105.87 x 2 = 211.74
(Final answer)