anonymous
  • anonymous
Someone please help me im going to attach my question below because its to much !
Mathematics
  • Stacey Warren - Expert brainly.com
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katieb
  • katieb
I got my questions answered at brainly.com in under 10 minutes. Go to brainly.com now for free help!
anonymous
  • anonymous
1 Attachment
anonymous
  • anonymous
http://cs.selu.edu/~rbyrd/math/regular/
anonymous
  • anonymous
Whats this for ?

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anonymous
  • anonymous
I can't read your file, can you send under .pdf file?
anonymous
  • anonymous
Yes i will
anonymous
  • anonymous
You find that a small business loan in the amount of 50,000 is the amount you need to purchase the restaurant location. After researching banks to find the best interest rate, you find that banks for small businesses offer the best interest rate of 9% interest that compounds monthly for 7 years. What is the monthly payment for this loan? Show the formula that you used and the values used for each variable to calculate the monthly payment. What is the unpaid balance of the loan at the end of the 1st year? Show the formula that you used and the values used for each variable to calculate the unpaid balance at the end of the 1st year. What is the unpaid balance at the end of the 6th year? Show the formula that you used and the values used for each variable to calculate the unpaid balance at the end of the 6th year.
anonymous
  • anonymous
What formula are you learning for monthly payment?
anonymous
  • anonymous
Im just in Mathematics of Finance it was just a question we had i really dont know
anonymous
  • anonymous
monthly = P * r/12 / [ 1 - ( 1 + r/12 ) ^-m ] Does it look familiar to you?
anonymous
  • anonymous
compound interest formula
anonymous
  • anonymous
With compound interest we get accumulate amount!
anonymous
  • anonymous
Here we're looking for monthly payment for loan!
anonymous
  • anonymous
@kira3 check the formula?
anonymous
  • anonymous
Im sorry yes it does
anonymous
  • anonymous
nvm then... @Chlorophyll you good at economics?
anonymous
  • anonymous
Monthly payment = ( $50,000 * .07/12 ) / [ 1- ( 1 + .07/12) ^-84 = $804.45
anonymous
  • anonymous
First year pymt: 12 months * $804.45 = $9,653.45
anonymous
  • anonymous
Ok , so will the formula be the same as the one you showed me above ?
anonymous
  • anonymous
Yep!
anonymous
  • anonymous
Ok , could you re post it please?
anonymous
  • anonymous
Unpaid balance: $50,000 - $9,653.45 = $40,346.55
anonymous
  • anonymous
monthly pymt = P * r/12 / [ 1 - ( 1 + r/12 ) ^-m ]
anonymous
  • anonymous
Ok
anonymous
  • anonymous
I'll check to make sure the same formula applied for 6 months balanced!
anonymous
  • anonymous
Ok thanks
anonymous
  • anonymous
WHAT IS THE ANSWER TO QUESTION 5
anonymous
  • anonymous
Since now unpaid balance is reduced: Monthly pymt = ( $40,346.55 * .07/12 ) / [ 1- ( 1 + .07/12) ^-72 ]
anonymous
  • anonymous
somehow my calculator got overflowed, just don't know why?
anonymous
  • anonymous
monthly pymt = $687.87
anonymous
  • anonymous
OK im sorry t bother you like this but could you post the answers as one because thier just all over the place
anonymous
  • anonymous
5 yrs * 12 months * $687.87 = $41, 272
anonymous
  • anonymous
Unpaid pymt at the end of 6 yrs: $40,346.55 - $41, 272 = -925.45 overpayment
anonymous
  • anonymous
All you do copy and paste into your MS words !
anonymous
  • anonymous
Ha ! Ok Thanks So Much
anonymous
  • anonymous
I dont think you answered this one could you tell me what it is ? Show the formula that you used and the values used for each variable to calculate the unpaid balance at the end of the 1st year.

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