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August 1, 2014

August 1, 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!

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