Question

Suppose payments were made at the end of each month into an ordinary annuity earning interest at the rate of 8%/year compounded monthly. If the future value of the annuity after 14 yr is $70,000, what was the size of each payment? (Round your answer to the nearest cent.) $ Need Help? Read Talk to Tuter 5. (-/0.1 Points) DETAILS TANAPMATH5 4.3.018. MY NOTES PRACTICE ANOTHER Suppose payments will be made for 4 years at the end of each month from an ordinary annuity earning interest at the rate of 4.25%/Year compounded monthly. If the present value of the annuity is $44,000, what should be the size of each payment from the annuity? (Round your answer to the nearest cent.) $ Need Help? Read Tato Tutor MY NOTES PRACTICE ANOTHER 6. (-/0.1 Points) DETAILS TANAPMATHS 4.3.020. What monthly payment is required to amortire a loan of $50,000 over 14 yr if interest at the rate of 13%/year is charged on the unpaid balance and interest calculations are made at the end of each month? (Round your answer to the nearest cent.) $ Need Help? Talk to Tutor

Answer 1

4.

size of each payment will be

=FV/(((1+r)^n-1)/r)

=70000/(((1+(8%/12))^(14*12)-1)/(8%/12))

=227.26

the above is answer..

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