*Financial Algebra* See picture !

Question

anonymous · Answer

attachment

amistre64 · Answer

Bk^4-P(1-k^4)/(1-k), k = 1+ 07/12

amistre64 · Answer

^4 is off,  should be ^(12*4) , i tend to forget the periods are monthly

amistre64 · Answer

It the balance left to be paid after 48 months of making payments on a 15 year fixed loan

anonymous · Answer

200,000 - 1797.66  ?

amistre64 · Answer

not quite ... the balance at any given moment results in the formula i presented

B=starting balance
P = payment amounts
and k was defined already in my post

the exponent was off originally,  its spose to be 4 years of monthly payments .. so ^48 on the ks

anonymous · Answer

M=B[((i)(1+i)^(n*t))/((1+i)^(n*t)-(1))

amistre64 · Answer

$$B_{48}=Bk^{48} - P\frac{(1-k^{48})}{(1-k)},~k = 1+ 07/12$$

amistre64 · Answer

your formula there looks more like trying to determine the payment amount

amistre64 · Answer

200000k^(48)-1797.66(1-k^(48))/(1-k), k=1+.07/12 http://www.wolframalpha.com/input/?i=200000k%5E%2848%29-1797.66%281-k%5E%2848%29%29%2F%281-k%29%2C+k%3D1%2B.07%2F12

anonymous · Answer

thank you

amistre64 · Answer

yep