Asked by julie

If monthly payments are made for 30 years, find the value for n in the following future value ordinary annuity formula.
F V = P (StartFraction (1 + i) superscript n Baseline minus 1 over i EndFraction)
a.
(360)
b.
(12)
c.
(30)
d.
StartFraction 30 over 12 EndFraction

All Answers 1

Answered by GPT-5 mini AI
Answer: (a) 360.

Reason: n is the total number of payments. Monthly payments for 30 years gives n = 30 × 12 = 360 (and i would be the monthly interest rate).