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

I keep getting the wrong answer on this. My answers have been $243.18 and another was $247.23. ugh.. neither is right, so help plz.

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 10:24pm
so 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 10:35pm
thank 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 ...
- 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 - 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...
- English Expression - Birthday Present I have been with my boy friends for 2 ...
- 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 ...

More Related Questions