Could someone please check my answer?
Thanks
You lend Joanne $62,000. You charge an interest rate of 18% compounded weekly. Joanne will pay you back in regular weekly payments for 10 years, at which time the loan will be repaid in full. What is the amount of the regular payment that Joanne gives you every month?
1. A=?
P= 62,000
i= o.oo3461538
n= 520
A=P(1+i)n (n rep. an exponent)
A=62,000(1+0.003461538)520
A=62,000(6.030871617)
A=373,914.04
2. Fv=373,914.04
i=0.003461538
n=520
R=?
Fv=R[(1+i)n-1]/i (n rep. an exponent)
373914.04=
R[(1+0.003461538)520-1]/0.003461538
373914.04=R[5.030871617]/0.003461538
373614.04/1453.363=
R[1453.363]/1453.363
R=257.28