## anonymous 3 years ago I need help with this INTEREST question

1. anonymous

2. anonymous

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

3. anonymous

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

4. anonymous

im confused about what im supposed to do

5. anonymous

not everyone have ms office

6. anonymous

@saifoo.khan @luis

7. anonymous

isn't this just a multiplication problem?

8. anonymous

$644.30\times 12\times 25$ is the total you pay

9. anonymous

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

10. anonymous

you pay monthly

11. anonymous

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

12. anonymous

ok good

13. anonymous

why isnt the 2nd blank 155811.6?

14. anonymous

dunno i didn't compute

15. anonymous

nevermind!

16. anonymous

$644.30\times 12\times 25-865.62\times 12\times 25$

17. anonymous

no that is wrong

18. anonymous

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

19. anonymous

$644.30\times 12\times 25-865.62\times 12\times 15$

20. anonymous

yup

21. anonymous

22. anonymous

can you help with this one too please?

23. anonymous

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

24. anonymous

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?

25. anonymous

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

26. anonymous

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

27. anonymous

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

28. anonymous

the invest up to 2,900 part

29. anonymous

use the formula for yearly at 2,900 per year

30. anonymous

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

31. anonymous

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