mariomintchev
I need help with this INTEREST question



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mariomintchev
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mariomintchev
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Here's the annuity formula: A=R*( (1+i)^n  1 ) / (i)

mariomintchev
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@jhonyy9 @jim_thompson5910 @karatechopper @Mertsj @TuringTest @UnkleRhaukus

mariomintchev
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im confused about what im supposed to do

Best_Mathematician
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not everyone have ms office

mariomintchev
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@saifoo.khan @luis

anonymous
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isn't this just a multiplication problem?

anonymous
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\[644.30\times 12\times 25\] is the total you pay

mariomintchev
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i dont know ive been trying to figure it out.
i did try multiplying the payments by the years but that wasnt right.

anonymous
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you pay monthly

mariomintchev
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ok that's right. i was multiplying bu just the years instead of years times frequency of payments

anonymous
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ok good

mariomintchev
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why isnt the 2nd blank 155811.6?

anonymous
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dunno i didn't compute

mariomintchev
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nevermind!

anonymous
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\[644.30\times 12\times 25865.62\times 12\times 25\]

anonymous
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no that is wrong

mariomintchev
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it wanted me to get that answer and then subtract it from the previous to get the difference

anonymous
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\[644.30\times 12\times 25865.62\times 12\times 15\]

mariomintchev
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yup

mariomintchev
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mariomintchev
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can you help with this one too please?

anonymous
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i would if i could, but i have absolutely no idea

anonymous
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there is some formula for this that you derive by summing a geometric series, but i don't know it.
maybe it is in your book?

mariomintchev
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dont have the book. lol
i have the annuity formula along with the compounding interest and simple interest formulas

anonymous
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i guess this requires the annuity formula, because you are investing every month (or year)

mariomintchev
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yeah thats what i used... i dont really understand the 2nd half of the question though....

mariomintchev
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the invest up to 2,900 part

anonymous
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use the formula for yearly at 2,900 per year

anonymous
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i don't know it, so i can't do it

mariomintchev
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or maybe i use the compound formula: A=P(1+ r/n)^nt