Asked by payment plan
What would monthly payment be on $12000.00 at 4% simple interest paid back over 12months
Answers
Answered by
MathMate
P=present value=$12000
A=installment
r=interest rate per period=4%/12 = 1/300
n=number of periods = 12
P(1+r)^n = A((1+r)^n-1)/r
A=Pr(1+r)^n/((1+r)^n-1)
=$12000(1/300)(301/300)^12/((301/300)^12-1)
=$1021.80
A=installment
r=interest rate per period=4%/12 = 1/300
n=number of periods = 12
P(1+r)^n = A((1+r)^n-1)/r
A=Pr(1+r)^n/((1+r)^n-1)
=$12000(1/300)(301/300)^12/((301/300)^12-1)
=$1021.80
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