anonymous
  • anonymous
Please help - Monthly payments on a 30 year basis for a $32,000 loan at 9% amount to monthly payments of $257.48. Prof gave me formula: m= (Rate*Cost)/(1200*(1-(1+((rate/1200)^(-12* years))))) I keep plugging it in but I am NOT getting what he got?!? Can someone explain how this formula works?
Mathematics
jamiebookeater
  • jamiebookeater
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anonymous
  • anonymous
let me type it in with judicious use of parentheses and see what we get hold on
anonymous
  • anonymous
ok i think the formula has a mistake in it
anonymous
  • anonymous
where did the 1200 come from?

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anonymous
  • anonymous
My professor gave it to me. I have no idea.....I have tried solving it every which way but I do not get his answer.
anonymous
  • anonymous
the one i know is \[\frac{3200\times \frac{.09}{12}}{1-(1+\frac{.09}{12})^{-360}}\]
anonymous
  • anonymous
make sure to use -360 and not -12 *30 because that is liable to mess you up in the calculator
anonymous
  • anonymous
ok (i guess maybe it was a really bad typo?) Thank you so much!
anonymous
  • anonymous
here is what i got, it matches up as you can see http://www.wolframalpha.com/input/?i=32000%28.09%2F12%29%2F%281-%281%2B%28.09%2F12%29%29^%28-360%29%29%29
anonymous
  • anonymous
Yeah! Ok, I'll shoot him an email to let him know and continue forward this way. Thanks again!!!!!!

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