Currency exchange rates based on many different factors. These factors are interest rates, inflation, public debt, deficits, terms of trade and political stability or the economic performance. Due to the many factors that affects currency exchange rate, it is almost impossible to predict where it is heading.
Apaper bills and coins circulated in a country are called CURRENCY. Please remember that currency is <span>a system of money in general use in a particular country. I hope this is useful. </span>
Answer:
Explanation:
Given:
- r = 9% /12 = 0.09/12 compounded monthly
we need to find the payment per month:
=
=
= $ 699,59
Hence, after 20th payment, she already paid:
$699,59 * 20 = $13,991.8
After we find out the Future value:
FV = PV
=$22,000(
= $28,790.20
At the end, the total amount she must pay at that time is:
FV - The amount she has already paid
= $28,790.20 - $13,991.8
=$14,794.4
Hope it will find you well.
Answer:
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