Here's the question you clicked on:
PrettyGirl22
Your company will make quarterly payments of $12,500 on a $250,000 piece of equipment at 8.25% interest. How many years will it take to pay off the loan?
idk i need the answer to this problem x<7;7
what does the question ask you
i need more details
tell whether the number in bold solution
for each inequality,tell whether the number in bold is a solution
i'm not sure go on yahoo and ask
I'm assuming the 8.25% interest is compounded yearly...? My initial calculations suggest that the company will never pay off the loan... maybe I've done something wrong.
its quarterly payments
Yeah, but the 8.25% interest rate, it doesn't say if it's compounded yearly or what. The payments are quarterly, maybe the interest is too? idk, it should tell you.
nope thats all the information
Have you studied compound interest yet? Maybe it's just simple interest
Simple interest makes it way easier to solve
And as far as I can tell, using compound interest... the company won't EVER pay off the loan.
they will its a problem in excel
You want to buy a new motorcycle. The payments will be $244.22 per month for 8 years. The interest rate is 7.35%. What is the asking price of the motorcycle? here is a problem similar
Have you studied compound interest? There's a big difference between that and simple interest for these problems.
I'm guessing they're simple interest problems
yeah but this is for a computer science class
Oh, I'm not familiar with computer science, so it looks like I was going at it the wrong way. I looked it up and don't recognize the formulas. This should help, it looks like the same problem as yours: http://answers.yahoo.com/question/index?qid=20121210132233AAtJBAz
this looks like it may have the formula you need: http://www.cimaglobal.com/Thought-leadership/Newsletters/Insight-e-magazine/Insight-2011/Insight-January-2011/Spreadsheet-skills-a-debt-to-repay/