A atakach99 Member Joined May 19, 2007 Messages 146 Gender Male HSC 2008 Oct 26, 2008 #1 A loan of $6000 over 5 years at 15% p.a. interest, charged monthly, is paid back in 5 yearly installments. How much is each installment, and how much money is paid altogether. Answer: $1835.68; $9178.40
A loan of $6000 over 5 years at 15% p.a. interest, charged monthly, is paid back in 5 yearly installments. How much is each installment, and how much money is paid altogether. Answer: $1835.68; $9178.40
charlesdinio Member Joined Nov 4, 2007 Messages 162 Gender Male HSC 2008 Oct 26, 2008 #2 are you asking how?
A atakach99 Member Joined May 19, 2007 Messages 146 Gender Male HSC 2008 Oct 26, 2008 #3 lol yea can u plz do it
T Timothy.Siu Prophet 9 Joined Aug 6, 2008 Messages 3,449 Location Sydney Gender Male HSC 2009 Oct 26, 2008 #4 sure, let P=$6000 and R=1+15/1200 Q= yearly repayment 1st year: PR^12-Q 2nd year: PR^24-QR^12-Q .... 5th yearR^60-QR^48-.....-Q =PR^60-Q(R^60-1) .................R^12-1 Q=[PR^60(R^12-1)]/(R^60-1) =1835.68 5x1835.68=9178.40
sure, let P=$6000 and R=1+15/1200 Q= yearly repayment 1st year: PR^12-Q 2nd year: PR^24-QR^12-Q .... 5th yearR^60-QR^48-.....-Q =PR^60-Q(R^60-1) .................R^12-1 Q=[PR^60(R^12-1)]/(R^60-1) =1835.68 5x1835.68=9178.40
A atakach99 Member Joined May 19, 2007 Messages 146 Gender Male HSC 2008 Oct 26, 2008 #5 umm i didnt really understand ur method...can u jsut tell me what values to use and i'll substitute them into my working
umm i didnt really understand ur method...can u jsut tell me what values to use and i'll substitute them into my working
T Timothy.Siu Prophet 9 Joined Aug 6, 2008 Messages 3,449 Location Sydney Gender Male HSC 2009 Oct 26, 2008 #6 atakach99 said: umm i didnt really understand ur method...can u jsut tell me what values to use and i'll substitute them into my working Click to expand... lol....damn sorry for crap working out umm basically the common difference is the monthly interest to the power of 12 instead of the yearly interest soo, in ur geometric series the common difference is R^12 where r is the monthly interest
atakach99 said: umm i didnt really understand ur method...can u jsut tell me what values to use and i'll substitute them into my working Click to expand... lol....damn sorry for crap working out umm basically the common difference is the monthly interest to the power of 12 instead of the yearly interest soo, in ur geometric series the common difference is R^12 where r is the monthly interest