Answer
$405.53
Work Step by Step
PV=20000
i=$\frac{0.08}{12}$
n=5(12)
PMT=$20000\frac{\frac{0.08}{12}}{1-(1+\frac{0.08}{12})^{-5(12)}}$=$405.53
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: 26
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