MATH
posted by Michelle .
Mike wants to buy a snowmobile. His parents decide to lend him $9 000 at 10%/a, compounded monthly, if he agrees to repay the amount by making equal monthly (at the end of the month) payments for five years.
d. Write the series that represents the present value of the annuity.
e. Find the monthly payment using the formula.
f. Find the monthly payment using the T1  83 plus calculator. In your answer, include the values you entered for each parameter in TVM solver.
Respond to this Question
Similar Questions

Finance
Dave takes out a 30year mortgage of 200000 dollars for his new house. Dave gets an interest rate of 16.8 percent compounded monthly. He agrees to make equal monthly payments, the first coming in one month. After making the 68th payment, … 
matttth help please
1. Mike wants to invest money every month for 40 years. He would like to have $1 000 000 at the end of the 40 years. For each investment option, how much does he need to invest each month? 
Math
You have borrowed $135,000 from the bank today. You are required to repay this money over the next six years by making monthly payments of $2,215.10 at the end of each month. What is the quoted interest rate for the loan (with monthly … 
Finance  Loans problem
A company borrows $170000, which will be paid back to the lender in one payment at the end of 5 years. The company agrees to pay monthly interest payments at the nominal annual rate of 7% compounded monthly. At the same time the company … 
Finance  Loans problem
Can someone please explain how this problem is laid out to solve.A company borrows $170000, which will be paid back to the lender in one payment at the end of 5 years. The company agrees to pay monthly interest payments at the nominal … 
Finance  Loans problem
Reiny the answer 307.33 you posted at the bottom is coming up incorrect. please if you can help i would be very grateful. A company borrows $170000, which will be paid back to the lender in one payment at the end of 5 years. The company … 
Finance  Loans problem please help
A company borrows $170000, which will be paid back to the lender in one payment at the end of 5 years. The company agrees to pay monthly interest payments at the nominal annual rate of 7% compounded monthly. At the same time the company … 
Please Help me with a Finance  Loan problem
A company borrows $170000, which will be paid back to the lender in one payment at the end of 5 years. The company agrees to pay monthly interest payments at the nominal annual rate of 7% compounded monthly. At the same time the company … 
math
Eliza borriws 25,000 and agrees to cancel her debt by paying equal sums at the.end of each month for 1 year. Find her monthly payment if interest is 6% compounded monthly. 
Maths
Dave takes out a 27year mortgage of 200000 dollars for his new house. Dave gets an interest rate of 14.4 percent compounded monthly. He agrees to make equal monthly payments, the first coming in one month. After making the 70th payment, …