Answer
$1186.19
Work Step by Step
PV=150000
i=$\frac{0.05}{12}$
n=15(12)
PMT=$150000\frac{\frac{0.05}{12}}{1-(1+\frac{0.05}{12})^{-15(12)}}$=$1186.19
Finite Math and Applied Calculus (6th Edition)
by Waner, Stefan; Costenoble, Steven
Published by
Brooks Cole
ISBN 10:
1133607705
ISBN 13:
978-1-13360-770-0
Chapter 2 - Section 2.3 - Annuities, Loans, and Bonds - Exercises - Page 156: 20
Update this answer!
You can help us out by revising, improving and updating this answer.
Update this answerAfter you claim an answer you’ll have 24 hours to send in a draft. An editor will review the submission and either publish your submission or provide feedback.
