Multiple choice question?

Question

rockinhood · Answer

http://prntscr.com/9h8lyi

retireed · Answer

Not really a quick answer to this one, but let's take a look.

rockinhood · Answer

Ok

retireed · Answer

still processing - round one went to the problem, since I got a close to an answer but not exact.   I tried to use Excel to get an answer, but I think my mistake was that the interest rate is a APR, annual percentage rate and cannot be just a divide by 12 for a monthly rate.

I need to find the formula for interest payment and due the math.  I have a book some where on this I need to find.

My dog needs to walked walked, also so I will be back here in about an hour.  Sorry for the delay.

rockinhood · Answer

It's ok, and yes, thanks

retireed · Answer

Sorry for the delay but I'm Back now.

Using my daughter's TI-84+ I got the right answer.  Using the APPS button, and the first option program and trying to figure out the proper data input.

I found a formula in my book and now I need to prove it is the right formula.  Be back soon.

rockinhood · Answer

Ok cool

retireed · Answer

Sorry again, but I am having total brain disfunction today.

I used my calculator and got and answer very close to my Excel approximation and felt very good about my use of the calculator.

I then used the formula attached to verify my calculator answers, which was great.  But now I can't seem to verify my answer on the calculator again, instead I get one of the other answers, which is totally confusing me.

So let's see what you get using the attached formula....

|dw:1450810814616:dw|

retireed · Answer

Plug in the given values for each debt owed and sum to get the final value.

remember i is interest rate divided by 12

I will try to figure out why my calculator use is different now.

retireed · Answer

Sorry I finally figured out my calculator issue... OPERATOR ERROR as I thought

The equation requires the interest rate to be enter like 0.246/12 instead of a percentage like 24.6% like the calculator likes the data entered.

So when I entered 0.246 into the calculator the payment amount was coming out way to low, since it thought I was entering a quarter of a percent.