Jamie invests $1200 in an account that earns 3% interest compounded annually. How much in his account after 7 years
1 answer:
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309,900.00
<span>-61,980.00 20% down
</span> <span> <span> <span> 247,920.00 </span> </span> </span>
rate = (6 / 1,200) = .005
months = 360
(See attached for loan payment formula)
Monthly Payment = [.005 + .005 / ((1.005^360)-1)] * 247,920.00
Monthly Payment = [.005 + .005 / ((<span> <span> <span> 6.02257521226299)-1)] * 247,920.00
</span></span></span>Monthly Payment = [.005 + (.005 / <span>5.02257521226299)] * 247,920.00
</span>Monthly Payment = [.005 + <span> <span> <span> 0.0009955053 </span> </span> </span> ] * 247,920.00
Monthly Payment = [ <span> <span> <span> 0.0059955053 ] * 247,920.00
</span></span></span>Monthly Payment = <span> <span> <span> 1,486.41 </span> </span> </span>
answer is "c"
<span><span /></span>
<span>-61,980.00 20% down
</span> <span> <span> <span> 247,920.00 </span> </span> </span>
rate = (6 / 1,200) = .005
months = 360
(See attached for loan payment formula)
Monthly Payment = [.005 + .005 / ((1.005^360)-1)] * 247,920.00
Monthly Payment = [.005 + .005 / ((<span> <span> <span> 6.02257521226299)-1)] * 247,920.00
</span></span></span>Monthly Payment = [.005 + (.005 / <span>5.02257521226299)] * 247,920.00
</span>Monthly Payment = [.005 + <span> <span> <span> 0.0009955053 </span> </span> </span> ] * 247,920.00
Monthly Payment = [ <span> <span> <span> 0.0059955053 ] * 247,920.00
</span></span></span>Monthly Payment = <span> <span> <span> 1,486.41 </span> </span> </span>
answer is "c"
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