anonymous
  • anonymous
Find the monthly payment needed to pay off a loan of $3900 amortized at 3% compounded monthly for 6 years.
Mathematics
chestercat
  • chestercat
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amistre64
  • amistre64
Pert
amistre64
  • amistre64
3900 e^(.03)(6)
anonymous
  • anonymous
The answer doesn't make sense though..

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amistre64
  • amistre64
3900 * (e^(.03 * 6)) = 4,669.14772 Divide that by 72 months to get the payments 64.85
anonymous
  • anonymous
It says it's wrong :/
amistre64
  • amistre64
64.84? let me look up the definition for amoritized...
anonymous
  • anonymous
Yeah, I have this online homework called "Webwork" and it says that's incorrect.. i've already tried
amistre64
  • amistre64
compunded monthly.....I did continuously becasue I cant read...im going illiterate
anonymous
  • anonymous
It's okay! lol
amistre64
  • amistre64
P(1+(.03/12))^(12*6) should be the total amount and then divide tha tby 72 to get the monthlies...
amistre64
  • amistre64
3 900 * ((1 + (.03 / 12))^(12 * 6)) = 4,668.09902 divide by 72: 64.83 trythat :)
anonymous
  • anonymous
Nope :/
amistre64
  • amistre64
....... new tax laws maybe? :)
anonymous
  • anonymous
haha Maybe.. it's getting tedious though
amistre64
  • amistre64
P(1+r/n)^(n*t) is the formula. that gives you the total amount of the loan over t years. right?
amistre64
  • amistre64
\[3900(1+\frac{.03}{12})^{12*6}\]
anonymous
  • anonymous
Tried that already
amistre64
  • amistre64
if it aint that....I dont know what id be..... amortized just means. 59.26 is what an amortization calculator online gives me////
anonymous
  • anonymous
Thank you though (:
anonymous
  • anonymous
wait could you please copy and paste that url.. the "amortization calculator online"
anonymous
  • anonymous
Because I have one more just like this to do that webwork kept saying was wrong
amistre64
  • amistre64
http://www.amortization-calc.com/
anonymous
  • anonymous
what in the world haha
amistre64
  • amistre64
gotta put in the right numbers :)
anonymous
  • anonymous
ughhh lol thank you. this is difficult
anonymous
  • anonymous
:)
dumbcow
  • dumbcow
this 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+...) = (1-v^72)/(1-v) = 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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