Question

will fan and medal!!!!
compounding interest question!

Answer 1

An unpaid debt with compounding interest grows in time. Suppose your debt starts out at $3500 and that in the next five years, the debt can grow with interest. Your goal is to pay off the accumulated debt in five years. To compute your monthly payment during the five years, use the formula shown. In the formula, M is the monthly payment, P is the principal (initial amount of the loan), n is the number of periods (in this case 60 months), and r is the interest rate per period (which is APR divided by 12 expressed as a decimal). If the credit card has an APR of 18.3%., what monthly payment will pay off the debt in exactly five years?

Answer 2

i was confused, but now i see that your job is to plug in the numbers and see what you get for \(M\)

Answer 3

To be perfectly honest this quest alludes me 100% i didn't even know how to solve it much less that i was looking for m

Answer 4

\[M=\frac{3500{\frac{.183}{12}(1+\frac{.183}{12})^{60}}}{(1+\frac{.183}{12})^{60}-1}\]

Answer 5

i would use a calculator
maybe just cut and paste that in to worlfram

Answer 6

yeah, it is worded funny
they give you all the numbers, you job is only to plug then in to the formula

Answer 7

i pasted it in to wolfram and came out with about \($195.82\) seems reasonable
http://www.wolframalpha.com/input/?i= \frac{3500{\frac{.183}{12}%281%2B\frac{.183}{12}%29^{60}}}{%281%2B\frac{.183}{12}%29^{60}-1}

Answer 8

lol thank you very much im going to a study session for this on Friday so hopefully they can straiten it out for me.

Answer 9

actually you have to copy and paste whole mess in to a web browser

Answer 10

thank you for being the only person to actually look at it.

Answer 11

ill see what i can do with the info

Answer 12

the formula i wrote above i believe is the correct one
take a look at it, and see how i plugged in the numbers in to the formula
you can probably use a calculator to do it, but it is complicated so you have to be careful with the input
use parentheses where necessary, and try to do it all in one step

Answer 13

yw

Answer 14

after looking over it i actually came out with 3 different anwers ):

im making a mistake some where!

the first one i got 143.33~repeating

then i got 89.45

and 112.91

what do you think?

Answer 15

like i said, it is very hard to put this in a calculator without making a mistake

Answer 16

let me try to do it in wolfram again, this time in a form you can click on to open

Answer 17

damn i made a typo too
let me try again

Answer 18

http://www.wolframalpha.com/input/?i=%283500%28.183%2F12%29%281%2B.183%2F12%29^60%29%2F%28%281%2B.183%2F12%29^60-1%29

Answer 19

see if the formula wolfram shows looks like the right one