Question

Find the payment necessary to amortize the loan. Do not round until the final answer. Then, round to the nearest cent.

$13,100; 12% compounded monthly; 48 monthly payments.

Answer 1

PMT = PVr/(1-(1+r)^-n)
= 13,100*0.01/(1-1.01^-48) =
= $344.97

Answer 2

you round your equation answers than you have your answer $344.97

Answer 3

Is this the same?


John bought a new computer for $1,650. He paid a $160 down payment and financed the rest for 1 year at an interest rate of 7%. Find the total interest paid on the given amortized loan assuming that John makes monthly payments. Do not round until the final answer. Then, round to the nearest cent.

Answer 4

I replied to this question! :) You can see it in the questions you asked! But it's a bit the same.