Math

Advanced MathQ&A LibraryTo do this we use the formula for the present value of an ordinary annuity and solve it for PMT. i Solving for PMT yields PMT = PV- 1-(1+i)-n To use the above formula, first calculate i and n. rate written as a decimal i= # of periods per year n = (# of years) • (# of periods per year) %3D Present Value of an Ordinary Annuity 1-(1+ i) PV = PMT- i where PV = present value of all payments PMT = periodic payment i = rate per period (written as a decimal) n = number of periods Note: Payments are made at the end of each period.Start your trial now! First week only $4.99!*arrow_forward*

Question

A sailboat costs $30,215. You pay 25% down and amortize the rest with equal monthly payments over a 15-year period. If you must pay 6.6% compounded monthly, what is your monthly payment? How much interest will you pay?

a) To solve the problem, we will need to calculate the monthly payment on the sailboat's cost minus the down payment. *(attached picture to help problem - called Equations to help problem A)*

Monthly payments: $____ *(round to two decimal places)*

b) Total interest paid equals = (amount of all payments) - (initial loan)

The total interest paid on the loan is $_____

Tagged in

Math

Advanced Math

Find answers to questions asked by students like you.

Q: Use Induction to prove the following. You must clearly specify the base case and the inductive case...

A: Click to see the answer

Q: The speed of a runner increased steadily during the first three seconds of a race. Her speed at half...

A: Click to see the answer

Q: I need help with question 27

A: Click to see the answer

Q: I want to solve this questionQ) Use Lagrange multiplier to find the largest product of three positiv...

A: Click to see the answer

Q: Identify the linear differential equations. Justify and show work. 1) y''=ex 2) y''= ey 3) a2(y'')2...

A: Hey, since there are multiple questions posted, we will answer first question. If you want any speci...

Q: Encrypt the message ATTACK using the RSA system with n = 43 ⋅ 59 and e = 13, translating each letter...

A: Click to see the answer

Q: Graph the system of inequalities. Please show step. Thank you. 3x + y > 6 4x - y > 8

A: Click to see the answer

Q: Find the volume.

A: Click to see the answer

Q: Use Green’s Theorem to evaluate around the boundary curve C of the region R, where R is the triangle...

A: According to the given information, it is required to calculate the work done by the force field

Transcribed Image Text

To do this we use the formula for the present value of an ordinary annuity and solve it for PMT. i Solving for PMT yields PMT = PV- 1-(1+i)-n To use the above formula, first calculate i and n. rate written as a decimal i= # of periods per year n = (# of years) • (# of periods per year) %3D

Present Value of an Ordinary Annuity 1-(1+ i) PV = PMT- i where PV = present value of all payments PMT = periodic payment i = rate per period (written as a decimal) n = number of periods Note: Payments are made at the end of each period.