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April 17, 2014

April 17, 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 ?

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