Wednesday

October 22, 2014

October 22, 2014

Posted by **frustrating** on Monday, May 2, 2011 at 9:57pm.

A homeowner planning a kitchen remodeling can afford a $200 monthly payment. How much can the homeowner borrow for 3 years at 5%, compounded monthly, and still stay within the budget? (Round your answer to the nearest cent.)

- math -
**Reiny**, Monday, May 2, 2011 at 10:24pmso you are looking for the Present Value of 36 payments of $200 at a monthly rate of .00416666

PV = 200 (1 - 1.00416666^-36)/.00416666

= 6673.14

- math -
**frustrating**, Monday, May 2, 2011 at 10:35pmthank you so much. I am not sure where my figures were coming from at all. Thanks again!

**Answer this Question**

**Related Questions**

ugh math - A homeowner planning a kitchen remodeling can afford a $200 monthly ...

Algebra - - ok... we keep getting this one wrong: Solve the following equation ...

math - A homeowner planning a kitchen remodeling can afford a $200 monthly ...

math - Is (5,2) a solution of 4x-2y=-6 I said no, am I right? I am working on ...

Math/Prob - Claire takes a five-question true-false test. She hasn't studied, so...

algebra - Is (5,2) a solution of 4x-2y=-6 I said no, am I right? I am working on...

physics: escape velocity - You are on Pluto and would like to send a probe into...

PLEASE HELP ME! PLEASE! - 1 )3x + 8y = 1 7x + 4y = 17 Answer: (3,1) 2) -3x + 5y...

Plz Check My Geometry - Out of 30 questions these few I struggled with. I put ...

Plz Check My Geometry - Out of 30 questions these few I struggled with. I put ...