Find the monthly payment of an ordinary annuity if the present value is 18,500 with an interest rate of 10% compounded quarterly
1 answer:
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Answer:
x = 0
Step-by-step explanation:
The distributive property of multiplication states that a(b - c) = a(b) - a(c). We can apply that to the given equation.
3(2 - x) = 6
3(2) - 3(x) = 6 (Apply distributive property on LHS)
6 - 3x = 6 (Simplify LHS)
6 - 6 - 3x = 6 - 6 (Subtract 6 from both sides)
-3x = 0 (Simplify both sides)
(Divide both sides by -3)
x = 0 (Simplify)
Hope this helps!
A =
p = principal amount (the initial amount you borrow or deposit)
r = annual rate of interest (as a decimal)
t = number of years the amount is deposited or borrowed for.
A = amount of money accumulated after n years, including interest.
n = number of times the interest is compounded per year
$2,697.20
p = principal amount (the initial amount you borrow or deposit)
r = annual rate of interest (as a decimal)
t = number of years the amount is deposited or borrowed for.
A = amount of money accumulated after n years, including interest.
n = number of times the interest is compounded per year
$2,697.20