You are borrowing $5200 at 7.8 percent, compounded monthly. The monthly loan payment is $141.88. How...
Homework Answers
| Present Value Of An Annuity | ||
| = C*[1-(1+i)^-n]/i] | ||
| Where, | ||
| C= Cash Flow per period | ||
| i = interest rate per period | ||
| n=number of period | ||
| 5200 = $141.88[ 1-(1+0.0065)^-n /0.0065] | ||
| 5200 = $141.88[ 1-(1.0065)^-n /0.0065] | ||
| 36.6507 =[ 1-(1.0065)^-n /0.0065] | ||
| n = 42 | ||
| Number of payments =42 | ||
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