Please show step by step on how you achieved the answer.
Homework Answers
Monthly Payment (PMT) = $ 170
Interest Rate = 8% / 12
= 0.6667%
N = 5 Years * 12 Months
= 60 Months
The value at end of 5 years =
= PMT * FVIFA ( n, Rate)
= $ 170 *FVIFA ( 60,0.6667%)
= 170 * 73.4776
= $ 12,419.192
Future Value at end of 30 years = Present Value * ( 1+ Rate of Interest ) ^ Time
= $ 12,419.192 * ( 1+ 0.66667%) ^ (30 * 12)
= $ 135,812.93
Hence the correct answer is $ 135,812.93
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