I think that answer would be .05
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
Evaluated is 4/5
decimal form is 0.8
Answer:
b,b.a
Step-by-step explanation:
Dr. Newton needs 5000 dollars, and 3000 dollars have already been saved. So, 2000 dollars remain.
If these 2000 dollars must be saved withint 8 months, we can divide the amount needed by the time given, to find out that Dr Newton needs to save
dollars each month.
