Thursday

July 31, 2014

July 31, 2014

Posted by **Clara** on Monday, November 14, 2011 at 6:45pm.

a) How much will you need to pay each month?

b) How much money did the bank make on this deal?

- math -
**Reiny**, Monday, November 14, 2011 at 7:36pmI will assume the .8% is the monthly rate

let the payment be P

12000 = P(1 - 1.008^-30)/.008

a) solve for P , I got 451.51

b) what is 451.51(30) compared to 12000 ?

**Related Questions**

Computer science - Paying Off Credit Card Debt Each month, a credit card ...

computer programming - Paying Off Credit Card Debt Each month, a credit card ...

Mathematics - I really need help with these three questions. Thank You. 1. ...

computer programming - Paying Off Credit Card Debt Each month, a credit card ...

Math - if the interest rate on a home mortgage is 9%, then each month you pay 0....

Math - I need help calculating the finance charge and new balance using the ...

Amoritizing Loans - "A woman borrows $6000 at 9% compounded monthly, which is to...

math - A $15,000 debt is to be amortized in 12 equal semiannual payments at 5.5...

math problem - --There is a layer of ice four inches thick covering a small pond...

math - John borowed 12,000 and agreed to repay the loan in six equal monthly ...