Billy never lets money stay in his pockets, he thinks if it is there he has to spend it. Often he spends it on useless "stuff".
1 answer:
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Hello <span>Gabbypittman20!
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This answer is very tricky...but at least you have a teacher to help you.
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Answer:
$ 226.04
Explanation:
Given:
Paying fund, FV = $ 30000
Interest rate, i = 2%
Time, t = 10 years
Now,
since, the payment is made monthly
thus,
n = 10 × 12 = 120 months
i = 2% / 12 = 0.02 / 12
on substituting the values in the above equation, we get
or
PMT = $ 226.04