ACST101 help! :( (1 Viewer)

[clairegirl]

I'm starting to study for TEST 2 and I need help with working out this question.

John agreed to repay a debt with montly payments of $100 from 1 Jan03 to 1 Dec-06 inclusive. No repayments were made until 1 July 2005 when the whole debt was repaid. Calculate the amount paid on 1 July 05 if interest is at j12=8%
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I know its 11s(0.08/12, 48) x (1+0.08/12)^-17

But what I'm lost with... is the dates? I keep getting 45 instead of 48 when taking the date between Jan03 to Dec06???

 

[Tabris]

I'm starting to study for TEST 2 and I need help with working out this question.

John agreed to repay a debt with montly payments of $100 from 1 Jan03 to 1 Dec-06 inclusive. No repayments were made until 1 July 2005 when the whole debt was repaid. Calculate the amount paid on 1 July 05 if interest is at j12=8%
-------------

I know its 11s(0.08/12, 48) x (1+0.08/12)^-17

But what I'm lost with... is the dates? I keep getting 45 instead of 48 when taking the date between Jan03 to Dec06???

there are 48 months between jan 03 and dec 06

dec 03 = +12 months
dec 04 = +12 months
dec 05 = +12 months
dec 06 = +12 months

There are a total of 48 (12 months a year) months because the question says inclusive, so u include both the both the first and last months, meaning u include jan 03 and dec 06 both

 

[clairegirl]

there are 48 months between jan 03 and dec 06

dec 03 = +12 months
dec 04 = +12 months
dec 05 = +12 months
dec 06 = +12 months

There are a total of 48 (12 months a year) months because the question says inclusive, so u include both the both the first and last months when at jan 03 and dec 06.

Tabris! You do realise how much I love you right! ... whoa first you helped me not just pass accounting but get a distinction in it!! and now your helping me with ACST101!

I want to have your children!

No but like seriously!! THANK YOU!

 

[CieL]

*sigh* I did my practice test 2 and failed ahahha I blame it on the library computers which froze whilst I saved each Q costing me valuable time ><

 

[clairegirl]

*sigh* I did my practice test 2 and failed ahahha I blame it on the library computers which froze whilst I saved each Q costing me valuable time ><

don't worry if i were to do the practice now I'de fail miserably as well lol

How'de u go in the first test?

Im starting to study for test two today.... urrgh i dont know anything, its so much harder than the first test

 

[CieL]

Test one I did alright.. elements pulled me down a bit

Test two.. I don't know.. Sometimes I can do really well and sometimes I just suck at it..

It's always the elements that make my marks go down.. it's those few little points you want but can't' have.. fill in the blanks are my worst nightmare..