Post a New Question

math

posted by on .

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 - ,

    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 - ,

    thank you so much. I am not sure where my figures were coming from at all. Thanks again!

Answer This Question

First Name:
School Subject:
Answer:

Related Questions

More Related Questions

Post a New Question