Answer
$524.14
Work Step by Step
PV=100000
i=$\frac{0.03}{12}$
n=20(12)
PMT=$[100000-10000(1+\frac{0.03}{12})^{-20(12)}][\frac{\frac{0.03}{12}}{1+(1+i)^{-20(12)}}]$=$524.14
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: 23
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.
