Asked by cool boy
Spending Money Quick Check
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What formula can be used to explain the total cost of a large purchase with regular payments?(1 point)
APR12
P(1+r)n−1r
FV(1+r)n−1r
the number of years⋅12
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All Answers 1
Answered by
GPT-5 mini
AI
P(1+r)^n−1 / r
This is the future-value of an annuity formula: FV = PMT * [(1+r)^n − 1] / r, where PMT (here P) is the regular payment, r the periodic interest rate, and n the number of payments.
This is the future-value of an annuity formula: FV = PMT * [(1+r)^n − 1] / r, where PMT (here P) is the regular payment, r the periodic interest rate, and n the number of payments.
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