Asked by Bryant
You are offered $12,000 for an annuity at 3.9% compounded monthly
for 6 yrs what would the monthly payments be?
for 6 yrs what would the monthly payments be?
Answers
Answered by
Reiny
I assume the $12,000 is the present value
i = .039/12 = .00325
n = 6(12) = 72
Payment = p
p( 1 - 1.00325^-72)/.00325 = 12000
solve for p
i = .039/12 = .00325
n = 6(12) = 72
Payment = p
p( 1 - 1.00325^-72)/.00325 = 12000
solve for p
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.