Ken just purchased new furniture for his house at a cost of $16,700. The loan calls for weekly payments for the next 6 years at an annual interest rate of 11.17 percent. How much are his weekly payments?
Ans $ 73.51
P = | Regular Payments |
PV = | Loan Amount |
r = | rate of interest |
n = | no of periods |
P = | r (PV) |
1 - (1 + r )-n | |
P = | (11.17%/52)*16700 |
1 - (1 / (1 + 11.17%/52)^312)) | |
P = | 35.87288462 |
0.488025883 | |
P = | 73.51 |
Ken just purchased new furniture for his house at a cost of $16,700. The loan calls...
Ken just purchased new furniture for his house at a cost of $16,700. The loan calls for weekly payments for the next 6 years at an annual interest rate of 11.17 percent. How much are his weekly payments?
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