Wednesday
April 23, 2014

Homework Help: Bus. Math

Posted by Julia H. on Sunday, September 18, 2011 at 10:34pm.

Assuming monthly payment was 804.45 on a 50,000 loan of 9% compound interest for 7 years. How would I calculate what the unpaid balance is and the end of 12 months? Then again a the end of 72 months?

Am I on the right track:
PV .0075 over 1 - (1 + i)-n
How would I put this in a calculator?
804.45 * { [1 - (1.0075)^-72] / .0075} = 44,628.35

How would I put this in a calculator?
804.45 * { [1 - (1.0075)^-12] / .0075} = 9,198.82

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