charlie can not remember how much he financed to buy his car..
he does remember that his monthly payment is $200 and his add on interest rate was 12% and he made a total of 18 payments.
find the amount of his loan to the nearest penny.
I keep getting over a 4000 and the actual choices are 1285.71
1139.24
3050.85
Help me please.
9 answers
Assistance needed.
Yes please fast.
I just tried it again and I got around 3951 this time.
There is a choice to click no choice correct too.
I just tried it again and I got around 3951 this time.
There is a choice to click no choice correct too.
His term is 18 periods, at a period interest rate of 12/18
200*18=LAMT(1+.12/18)^18=LAMT*1.12704794
LAMT=3600 / 1.12704794 = 3194.18533
200*18=LAMT(1+.12/18)^18=LAMT*1.12704794
LAMT=3600 / 1.12704794 = 3194.18533
Wont it be 18/12 ?
is that the correct answer?
The above is interest compounded monthly. Here it is compounded annually.
200*18=LAMT(1+.12)^1.5=LAMT*1.185
lamt= 3600/1.185=3037.21
200*18=LAMT(1+.12)^1.5=LAMT*1.185
lamt= 3600/1.185=3037.21
What is LAMT?
and there is no option of these two answers that you just gave me :/
and there is no option of these two answers that you just gave me :/
You wrote, "There is a choice to click no choice correct too."
So choose "no choice" when the numbers don't match.
So choose "no choice" when the numbers don't match.
LAMT is meant to be loan amount.
1 answer