Thursday

December 18, 2014

December 18, 2014

Posted by **Anonymous** on Monday, August 13, 2012 at 5:33pm.

$ 1 interest

$ 2 per month

- math -
**Henry**, Tuesday, August 14, 2012 at 8:18pmP = (Po*r*t) / (1-(1+r)^-t).

P = Principal after 5 yrs.

Po = $42,600 = Initial Principal.

r = (2.9%/12) / 100% = 0.0024167 = Monthly % rate expressed as a decimal.

t = 12Comp./yr * 5yrs = 60 Compounding

periods.

P=(42600*0.0024167*60) /(1-(1.0024167)^-60) = $45,814.52.

Monthly = P/t = 45814.52 / 60 = $763.58

Int. = P - Po =

**Answer this Question**

**Related Questions**

math - Find the amount of interest and the monthly payment for the loan. ...

algebra/math - Find the amount of interest and the monthly payment for the loan...

ALGEBRA - Find the amount of interest and the monthly payment for the loan. ...

ALGEBRA - Find the amount of interest and the monthly payment for the loan. ...

ALGEBRA - Find the amount of interest and the monthly payment for the loan. ...

Math - Find the amount of interest and the monthly payment for the loan. ...

Math - Find the amount of interest and the monthly payment for the loan. ...

College Math - Find the amount of interest and the monthly payment for the loan...

ALGEBRA - Find the amount of interest and the monthly payment for the loan. ...

online - Find the amount of interest and the monthly payment for the loan. ...