A young photographer took out a loan of $6472 to buy a camera. Payments were due...
A young photographer took out a loan of $6472 to buy a camera. Payments were due to be made at the end of each month for 36 months at a rate of 8.7% compounded monthly. How much did he have to pay periodically?
Homework Answers
PV = 6472
Rate per month = 8.7%/12
Number of Months = 36
Monthly payments = PV/(1-(1+r)-n)/r =
6472/(1-(1+8.7%/12)-36)/(8.7%/12) = 208.07
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A young photographer took out a loan of $6472 to buy a camera.
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