Question
The life of Kate's loan is 20 years and the interest rate on the loan is 14.5% per year. Use the formula and factor table below how monthly repayment value of R9 280.00 was calculated
Answers
I Know
The formula you want is
Present Value = Paym( 1 - (1+i)^-n)/i
where i = .145, n = 20 , Paym = 9280
= 9280( 1 - 1.145)^-20 )/.145 = 59752.39
hope this helps
Present Value = Paym( 1 - (1+i)^-n)/i
where i = .145, n = 20 , Paym = 9280
= 9280( 1 - 1.145)^-20 )/.145 = 59752.39
hope this helps