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anonymous
 5 years ago
Find the monthly payment needed to pay off a loan of $3900 amortized at 3% compounded monthly for 6 years.
anonymous
 5 years ago
Find the monthly payment needed to pay off a loan of $3900 amortized at 3% compounded monthly for 6 years.

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anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0The answer doesn't make sense though..

amistre64
 5 years ago
Best ResponseYou've already chosen the best response.03900 * (e^(.03 * 6)) = 4,669.14772 Divide that by 72 months to get the payments 64.85

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0It says it's wrong :/

amistre64
 5 years ago
Best ResponseYou've already chosen the best response.064.84? let me look up the definition for amoritized...

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0Yeah, I have this online homework called "Webwork" and it says that's incorrect.. i've already tried

amistre64
 5 years ago
Best ResponseYou've already chosen the best response.0compunded monthly.....I did continuously becasue I cant read...im going illiterate

amistre64
 5 years ago
Best ResponseYou've already chosen the best response.0P(1+(.03/12))^(12*6) should be the total amount and then divide tha tby 72 to get the monthlies...

amistre64
 5 years ago
Best ResponseYou've already chosen the best response.03 900 * ((1 + (.03 / 12))^(12 * 6)) = 4,668.09902 divide by 72: 64.83 trythat :)

amistre64
 5 years ago
Best ResponseYou've already chosen the best response.0....... new tax laws maybe? :)

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0haha Maybe.. it's getting tedious though

amistre64
 5 years ago
Best ResponseYou've already chosen the best response.0P(1+r/n)^(n*t) is the formula. that gives you the total amount of the loan over t years. right?

amistre64
 5 years ago
Best ResponseYou've already chosen the best response.0\[3900(1+\frac{.03}{12})^{12*6}\]

amistre64
 5 years ago
Best ResponseYou've already chosen the best response.0if it aint that....I dont know what id be..... amortized just means. 59.26 is what an amortization calculator online gives me////

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0wait could you please copy and paste that url.. the "amortization calculator online"

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0Because I have one more just like this to do that webwork kept saying was wrong

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0what in the world haha

amistre64
 5 years ago
Best ResponseYou've already chosen the best response.0gotta put in the right numbers :)

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0ughhh lol thank you. this is difficult

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0this is more of a finance question a finance calculator like a BA II would help you a lot the math behind it deals with present value equations the value of your payment changes based on how much goes toward principal and how much towards interest since with every payment the balance decreases the interest amount will also decrease over time anyway the equations is this i = .03/12 = .0025 v = 1/(1+i) = .997506 3900 = P(1+v+v^2 +...v^71) sum of (1+v+...) = (1v^72)/(1v) = 65.98 P=3900/65.98 = 59.11 this is an approximate answer and prob more info than you need i put this into my BA II and got 59.25
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