Homework Answers
Annual interest rate = 5.00%
Monthly interest rate = 0.41667%
Monthly payment = $71
Period = 15 years or 180 months
Future value = $71*1.0041667^179 + $71*1.0041667^178 + … +
$71*1.0041667 + $71
Future value = $71 * (1.0041667^180 - 1) / 0.0041667
Future value = $71 * 267.289837
Future value = $18,977.58
So, the total value of the annuity is $18,977.58
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