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Mathematics 17 Online
OpenStudy (anonymous):

PLEASE HELP!!! john will require $3000 in 6 months to pay off a loan that has no prepayment privileges if he has the $3000 now, how much of it should he save in an account paying 3% compounded monthly so that in 6 months he will have exactly $3000?

OpenStudy (whpalmer4):

\[FV=PV(1+\frac{r}{12})^{n}\] PV is present value r is interest rate, expressed as a decimal n is the number of periods FV is future value You know FV, r, and n. Rearrange the formula to give you PV in terms of the other stuff, and plug in your numbers.

OpenStudy (anonymous):

thank you!

OpenStudy (whpalmer4):

As a result, John will have almost $8 per month extra to spend on pizza and beer :-)

OpenStudy (anonymous):

for n what do i put? & lol, thank you (: @whpalmer4

OpenStudy (whpalmer4):

john will require $3000 in 6 months 3% compounded monthly n is the number of periods there are your clues for this mystery :-)

OpenStudy (anonymous):

thank you so much! @whpalmer4 (:

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