CONSUMER MATH

You are offered $12,000 for an annuity at 3.9% compounded monthly
for 6 yrs what would the monthly payments be?

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asked by Bryant
  1. I assume the $12,000 is the present value

    i = .039/12 = .00325
    n = 6(12) = 72
    Payment = p

    p( 1 - 1.00325^-72)/.00325 = 12000

    solve for p

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    posted by Reiny

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