anonymous
  • anonymous
*Financial Algebra* See picture !
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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chestercat
  • chestercat
I got my questions answered at brainly.com in under 10 minutes. Go to brainly.com now for free help!
anonymous
  • anonymous
1 Attachment
amistre64
  • amistre64
Bk^4-P(1-k^4)/(1-k), k = 1+ 07/12
amistre64
  • amistre64
^4 is off, should be ^(12*4) , i tend to forget the periods are monthly

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amistre64
  • amistre64
It the balance left to be paid after 48 months of making payments on a 15 year fixed loan
anonymous
  • anonymous
200,000 - 1797.66 ?
amistre64
  • amistre64
not quite ... the balance at any given moment results in the formula i presented B=starting balance P = payment amounts and k was defined already in my post the exponent was off originally, its spose to be 4 years of monthly payments .. so ^48 on the ks
anonymous
  • anonymous
M=B[((i)(1+i)^(n*t))/((1+i)^(n*t)-(1))
amistre64
  • amistre64
\[B_{48}=Bk^{48} - P\frac{(1-k^{48})}{(1-k)},~k = 1+ 07/12\]
amistre64
  • amistre64
your formula there looks more like trying to determine the payment amount
amistre64
  • amistre64
200000k^(48)-1797.66(1-k^(48))/(1-k), k=1+.07/12 http://www.wolframalpha.com/input/?i=200000k%5E%2848%29-1797.66%281-k%5E%2848%29%29%2F%281-k%29%2C+k%3D1%2B.07%2F12
anonymous
  • anonymous
thank you
amistre64
  • amistre64
yep

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