Question

I think i did something wrong. Can someone check my math??

Answer 1

Payment Formula I used: P(apr/n)/1 – (1 + apr/n)^-ny
2019(0.177/12)/1 – (1 + 0.177/12)^-36
2019(0.00975)/1 – (1 + 0.00975)^-36
19.68525/1 – (1.00975)^-36
19.68525/1 - 0.70518160287
19.68525/0.29481839713
I got 66.77 but i should have gotten 72.69...

Answer 2

Rae owes $2,019 on a credit card with a 17.7% interest rate compounded monthly. What monthly payment should she make to pay off this debt in three years, assuming she does not charge any more purchases with the card?

Answer 3

p=2019, apr=.177, n=12 ny=36

Answer 4

P(apr/n)/1 ..... this (1) has no meaning in this equation check the formula that you are using

Answer 5

\(\sf \Large \frac{P(apr/n)}{1 – (1 + apr/n)^{-36}}\\\Large \frac{2019(0.177/12)}{1 – (1 + 0.177/12)^{-36}}\\ \Large \frac{2019(0.01475)}{1 – (1 + 0.01475)^{-36}}\\ \Large \frac{29.78025}{1 – (1.01475)^{-36}}\\\Large \frac{29.78025}{1 –0.5903014369 }\\\Large \frac{29.78025}{0.4096985631 }\\=72.68819733\)

let's see which part is your mistake (:

Answer 6

line 2: 0177/12=0.01475 not 0.00975

Answer 7

Omw thank you, thank you, thank you!!!! :D