My question relates to finite math about periodic payment and it's a question from webassign homework
S=300,000, r=2.7, t=10, m=6
compond interest formula
M = S(1+i)n
M = 300,000(1+0.027)^(60) = 459460.681
SOLUTION :
Following formula will be applicable for periodic payment $R to accumulate $S in t years at interest rate of r% per year compounded m times a year ;
S = R ( (1 + r / (100m) )^(mt) - 1 ) / ( r / (100m) ) (ANSWER).
For S = $300000 ; r = 2.7% ; t = 10 years ; m = 6 , we have :
=> 300000 = R ( (1 + 2.7 / 600)^(60) - 1 ) / (2.7 / 600)
=> 300000 = R * 68.704726
=> R = 300000/68.704726
=> R = 4366.51 ($) (ANSWER).
Find the periodic payment R required to accumulate a sum of S dollars over t years with interest earned at the rate of r%/year compounded m times a year. (Round your answer to the nearest cent.) S = 300,000, r = 2.7, t = 10, m = 6
Find the periodic payment R required to amortize a loan of P dollars over t years with interest charged at the rate of r%/year compounded m times a year. (Round your answer to the nearest cent.)P = 40,000, r = 3, t = 15, m = 12I have gotten 10,000$ multiple times and it is not accepted as the answer.
Find the periodic payment R required to accumulate a sum of S dollars over t years with interest earned at the rate of r%/year compounded m times a year. (Round your answer to the nearest cent.) S = 45,000, r = 6, t = 9, m = 2
Find the periodic payment R required to accumulate a sum of S dollars over t years with interest earned at the rate of r%/year compounded m times a year. (Round your answer to the nearest cent.) S = 40,000, r = 5, t = 6, m = 2
Find the periodic payment R required to amortize a loan of P dollars over t yr with interest charged at the rate of r%/year compounded m times a year.P = 16,000, r = 8, t = 6, m = 6