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The formula of the future value of annuity ordinary and solve for pmt
Pmt=58,000÷(((1+0.06÷2)^(2×2)
−1)÷(0.06÷2))=13,863.57
Hope it helps
Answer:
use socartic for help
Step-by-step explanation:
..................(1x+14y)4
Answer:
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Step-by-step explanation:
The number of months in two years is 24 months.
Now, with a repayment plan of $400 per month, the total amount returned will be 400 * 24 = $9,600
Now, $8,000 was borrowed but $9,600 was returned
The amount of interest is 9600-8000 = 1600
So what percentage of 8,000 is 1600?
1600/8000 * 100 = 16/80 * 100 = 1/5 * 100 = 20%
The ratio would be 14:6
If you reduce it it would be 7:3
