Flake1 Flake1
  • 01-10-2017
  • Mathematics
contestada

Find the saving plan balance after 4 years with an apr of 7% and monthly payments of 100

Respuesta :

mathmate
mathmate mathmate
  • 01-10-2017
APR=7%, monthly interest rate, i=7%/12=0.07/12
Monthly payment, A=100
After 4 years, n=4*12 = 48 months,
the balance F is therefore
F = A((1+i)^n-1)/i
=100((1+0.07/12)^48-1)/(0.07/12)
=5520.92

Answer: the balance after 4 years at APR=7% with monthly payment of $100 is $5520.92 to the nearest cent.
Answer Link

Otras preguntas

How did the space race between us and Soviet Union impact us society
Was Jefferson right in the Louisiana Purchase? Should he have manipulated the Constitution to buy the land? Why or why not
50 POINTSS!! please i really need help!!
im so lost can someone PWEZ HELP Most architects gain experience through an ______________.
6. Cynthia walks 6 miles at a rate of 2 miles per hour. How long will it take her to arrive at her destination?
PLSS HELP ME ASAP!! WILL GIVE U ALL OF POINTS AWAY JUST FOR THIS!! BUT PLSS HELPP ME :(((( ASAP!! I WILL EVEN GIVE U BRAINLYEST!!! A spinner is divided into 9
Propaganda becomes a problem when A. facts are misrepresented. B. people change their opinions. C. it is used in politics. D. all of the above.
An earthquake with a Richter magnitude of 5 releases ______ more energy than an earthquake with a Richter magnitude of 3. a. 900 b. 27000 c. 30 d. 2
help pls pls and thank u thank u
PLEASE HELP Explain the difference between Positive and Negative Tropism