Ken just purchased new furniture for his house at a cost of $16,700. The loan calls for weekly payments for the next 6 y...
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?
Homework Answers
Ans $ 37.98
| 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%/12)^312)) | |
| P = | 35.87288462 |
| 0.944466379 | |
| P = | 37.98 |
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Ken just purchased new furniture for his house at a cost of $16,700. The loan calls for weekly payments for the next 6 y...
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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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