I need help with this INTEREST question

- anonymous

I need help with this INTEREST question

- jamiebookeater

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- anonymous

##### 1 Attachment

- anonymous

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

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## More answers

- anonymous

im confused about what im supposed to do

- anonymous

not everyone have ms office

- anonymous

isn't this just a multiplication problem?

- anonymous

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

- anonymous

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

- anonymous

you pay monthly

- anonymous

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

- anonymous

ok good

- anonymous

why isnt the 2nd blank 155811.6?

- anonymous

dunno i didn't compute

- anonymous

nevermind!

- anonymous

\[644.30\times 12\times 25-865.62\times 12\times 25\]

- anonymous

no that is wrong

- anonymous

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

- anonymous

\[644.30\times 12\times 25-865.62\times 12\times 15\]

- anonymous

yup

- anonymous

##### 1 Attachment

- anonymous

can you help with this one too please?

- anonymous

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

- 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?

- anonymous

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

- anonymous

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

- anonymous

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

- anonymous

the invest up to 2,900 part

- anonymous

use the formula for yearly at 2,900 per year

- anonymous

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

- anonymous

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

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