math

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I keep getting the wrong answer on this. My answers have been $243.18 and another was $247.23. ugh.. neither is right, so help plz.

A homeowner planning a kitchen remodeling can afford a $200 monthly payment. How much can the homeowner borrow for 3 years at 5%, compounded monthly, and still stay within the budget? (Round your answer to the nearest cent.)

  • math -

    so you are looking for the Present Value of 36 payments of $200 at a monthly rate of .00416666

    PV = 200 (1 - 1.00416666^-36)/.00416666
    = 6673.14

  • math -

    thank you so much. I am not sure where my figures were coming from at all. Thanks again!

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