Algebra

Calculate the present value of the annuity. (Round your answer to the nearest cent.)
$1600 monthly at 6.6% for 30 years.

  1. 👍 0
  2. 👎 0
  3. 👁 58
asked by Hilda
  1. Using the formula that you must know:

    PV = payment( 1 - (1+i)^-n )/i
    i = .066, n = 30

    plug in those values in your calculator and calculate.
    Let me know what you got.

    1. 👍 0
    2. 👎 0
    posted by Reiny

Respond to this Question

First Name

Your Response

Similar Questions

  1. present annuity

    What is the present value of an annuity that consists of 28 monthly payments of $260 at an interest rate of 8% per year, compounded monthly? (Round your answer to the nearest cent).

    asked by rachel on December 11, 2011
  2. Business Math 205

    Calculate the PRESENT VALUE of the following ORDINARY ANNUITIES. Round to the nearest cent when necessary. Annuity Payment:($3,000) Payment Frequency: (Every Year) Time Period YRS:(15)Nominal Rate%:(10)Interest

    asked by James on June 25, 2011
  3. Math

    The amount to be financed on a new car is $9,500. The terms are 11% for 4 years. What is the monthly payment? (a) State the type. future value ordinary annuity present value amortization sinking fund (b) Answer the question.

    asked by Ronald on June 14, 2013
  4. math

    Suppose payments were made at the end of each month into an ordinary annuity earning interest at the rate of 8%/year compounded monthly. If the future value of the annuity after 14 yr is $70,000, what was the size of each payment?

    asked by Kristen on May 9, 2012
  5. math

    Suppose payments were made at the end of each month into an ordinary annuity earning interest at the rate of 3.5%/year compounded monthly. If the future value of the annuity after 12 years is $50,000, what was the size of each

    asked by phalyn on November 20, 2015
  6. algebra

    Use a calculator to evaluate an ordinary annuity formula A = m 1 + r n nt − 1 r n for m, r, and t (respectively). Assume monthly payments. (Round your answer to the nearest cent.) $150; 5%; 40 yr A = $

    asked by Anonymous on May 21, 2014
  7. algebra

    Use a calculator to evaluate an ordinary annuity formula A = m 1 + r n nt − 1 r n for m, r, and t (respectively). Assume monthly payments. (Round your answer to the nearest cent.) $150; 5%; 40 yr

    asked by strayer on May 24, 2014
  8. math

    Use a calculator to evaluate an ordinary annuity formula for m, r, and t (respectively). Assume monthly payments. (Round your answer to the nearest cent.) $150; 8%; 35 yr Answer = $12.87 but I am wrong can u please help?

    asked by Anonymous on November 21, 2013
  9. algebra

    Use a calculator to evaluate an ordinary annuity formula A = m [ 1+ r over n ^nt -1] than rn is under--____________________ r over n for m, r, and t (respectively). Assume monthly payments. (Round your answer to the nearest cent.)

    asked by gary on May 12, 2014
  10. Math

    4. Find the monthly payment for the loan. (Round your answer to the nearest cent.) $700 loan for 12 months at 15% 5. Find the monthly payment for the loan. (Round your answer to the nearest cent.) A $128,000 home bought with a 20%

    asked by Cece on February 19, 2014

More Similar Questions