Question

Someone please help me im going to attach my question below because its to much !

Answer 1

http://cs.selu.edu/~rbyrd/math/regular/

Answer 2

Whats this for ?

Answer 3

I can't read your file, can you send under .pdf file?

Answer 4

Yes i will

Answer 5

You find that a small business loan in the amount of 50,000 is the amount you need to purchase the restaurant location. After researching banks to find the best interest rate, you find that banks for small businesses offer the best interest rate of 9% interest that compounds monthly for 7 years.

What is the monthly payment for this loan?

Show the formula that you used and the values used for each variable to calculate the monthly payment.

What is the unpaid balance of the loan at the end of the 1st year?

Show the formula that you used and the values used for each variable to calculate the unpaid balance at the end of the 1st year.

What is the unpaid balance at the end of the 6th year? Show the formula that you used and the values used for each variable to calculate the unpaid balance at the end of the 6th year.

Answer 6

What formula are you learning for monthly payment?

Answer 7

Im just in Mathematics of Finance it was just a question we had i really dont know

Answer 8

monthly = P * r/12 / [ 1 - ( 1 + r/12 ) ^-m ]
Does it look familiar to you?

Answer 9

compound interest formula

Answer 10

With compound interest we get accumulate amount!

Answer 11

Here we're looking for monthly payment for loan!

Answer 12

@kira3 check the formula?

Answer 13

Im sorry yes it does

Answer 14

nvm then...
@Chlorophyll you good at economics?

Answer 15

Monthly payment
= ( $50,000 * .07/12 ) / [ 1- ( 1 + .07/12) ^-84 = $804.45

Answer 16

First year pymt: 12 months * $804.45 = $9,653.45

Answer 17

Ok , so will the formula be the same as the one you showed me above ?

Answer 18

Yep!

Answer 19

Ok , could you re post it please?

Answer 20

Unpaid balance: $50,000 - $9,653.45 = $40,346.55

Answer 21

monthly pymt = P * r/12 / [ 1 - ( 1 + r/12 ) ^-m ]

Answer 22

Ok

Answer 23

I'll check to make sure the same formula applied for 6 months balanced!

Answer 24

Ok thanks

Answer 25

WHAT IS THE ANSWER TO QUESTION 5

Answer 26

Since now unpaid balance is reduced:
Monthly pymt = ( $40,346.55 * .07/12 ) / [ 1- ( 1 + .07/12) ^-72 ]

Answer 27

somehow my calculator got overflowed, just don't know why?

Answer 28

monthly pymt = $687.87

Answer 29

OK im sorry t bother you like this but could you post the answers as one because thier just all over the place

Answer 30

5 yrs * 12 months * $687.87 = $41, 272

Answer 31

Unpaid pymt at the end of 6 yrs:
$40,346.55 - $41, 272 = -925.45 overpayment

Answer 32

All you do copy and paste into your MS words !

Answer 33

Ha ! Ok Thanks So Much

Answer 34

I dont think you answered this one could you tell me what it is ?

Show the formula that you used and the values used for each variable to calculate the unpaid balance at the end of the 1st year.