Question

PLZ PLZ PLZ HELP!! See attachment for Q.

Answer 1

ok so i'm supposed to set it up like this?
\[2,654=2,764\frac{ (1+0.0185)^{36}-1 }{ 0.0185 }\]

Answer 2

?? Where did I get 2764? Ignore that. I meant 2654, like it says.
We have not found the payment. Leave "P" in there.
?? Why are you using an accumulation formula whan all you have is the beginning value?

\[1-v = 1-\frac{1}{1+i} = \frac{1+i}{1+i}-\frac{i}{1+i} = \frac{1+i - 1}{1+i} = \frac{i}{i+i} = i\cdot v\]

Answer 3

i'm so confused non of the formulas on my notes look like that.

Answer 4

my instructor told me that all the Q would be done with the formulas on my notes. i'm not doing algebra i'm doing statistics.

Answer 5

no the only formulas i have r for simple & compound interest, & Annuities & Loans.

Answer 6

@Chlorophyll can u PLZ help i'm dieing here!!

Answer 7

Well, that is the most fundamental formula for Loans. There isn't one that is more important. If it's not on your sheet of formulas, that sheet needs to be reprinted. If you also are required to use formulas on your sheet, and the right one isn't on the sheet, what shall we do about that?

Answer 8

@joyce153 Are you sure that's the proper formula?

Answer 9

It's an accumulation formula. It won't work. Of course, I cannot say for sure that it won't reproduce an answer on a chekclist, but I can say for sure that it won't be the answer to the question asked.

Answer 10

I love guessing. Please SHOW the PV Formula and let's see what it is. Since that's what we needed in the first place, it shoudl be at least closer.

Answer 11

NO, it's not guess, it's a rational thinking applied in your real life!

Answer 12

No, you're paying off a loan. FV = $0.

Answer 13

PV formula will yield the result of FV= $3,656.76

Answer 14

@tkhunny I never learn these formula, I just like to help out people in need!

Answer 15

ok so i do \[PMT=2654\frac{ 0.0185 }{ (1.0185)^{36}-1 }\] ?

Answer 16

Do you have the Present Value formula?

Answer 17

\[PV=PMT \frac{ 1-(1+i)^{-n}}{ i }\]

Answer 18

Yup, that's the one I'm expecting :)

Answer 19

\[2,654\frac{ 1-(1+0.0185)^{-36} }{ 0.0185 }\]

Answer 20

It's tricky when one is staying up too late and it's only the early afternoon.\[\frac{v-v^{n+1}}{1-v} = \frac{v-v^{n+1}}{i\cdot v} = \frac{1-v^{n}}{i}\] Haven't gotten that one wrong in 30 years. This is why we like chlorophyll. Thanks for your patience.

Answer 21

No, PV = $2,654

Answer 22

so it's \[2,654=PMT \frac{ 1-(1+0.0185)^{-36} }{ 0.0185 }\]?

Answer 23

Just to correct the record.

Please learn "Basic Principles". These are very powerful tools.

Your payments are these: Pv + Pv^2 + Pv^3 + ... + Pv^36
It would be most beneficial if you could learn to add up such things fluently. \[P\cdot\frac{v−v ^{37}}{ 1−v} =2654.00\] Staying Monthly, we know that i = 0.0185 and v = 1/(1+i)

Really, if there is something MOST IMPORTANT to learn, it is those Basic Principles. They will help you NEVER to wonder which formula to use. You will learn to build your own on the fly!

Answer 24

ok i did 2,654*0.0185 & got 49.099

Answer 25

@tkhunny I understand it's great to build up your knowledge, thanks for the open-eyed tutoring :)

Answer 26

2,654 x 0.0185=49,099

Answer 27

1+0.0185=1.0185

Answer 28

PMY = 2,654 * .0185 / ( 1 - 1.0185^-36 )
= ...?

Answer 29

ok i put what u wrote in the calculator & got 101.6322677

Answer 30

not really but is $101.63 correct for the first part?

Answer 31

what do i do for the second part?

Answer 32

UGH my brain hurts. :-( which post?

Answer 33

can u just tell me the formula then i can try and do it?

Answer 34

is the formula I=Prt?

Answer 35

what? it's confusing how u wrote that.

Answer 36

monthly payment= 101.63 right?

Answer 37

# of payments=36?

Answer 38

so i'd so 101.63*36=3658.68-2654=1004.68?

Answer 39

that makes sense. THX!!

Answer 40

Y not?! i'd just hide u in my backpack!

Answer 41

lol

Answer 42

lol well i got 2 Q's left but one i think i can do myself the other i'm not to sure about.

Answer 43

lol ok & thx again for helping or i don't think i'd have any hair left.

Answer 44

lol well i happen to like my hair! lol

Answer 45

i posted one of the other Q's