Use the formula for the present value of an ordinary annuity or the amortization formula to solve the following problem. PV=$12,000; PMT= $500; n = 60; i = ? i= =(Type an integer or decimal rounded to three decimal places as needed.)

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 5SE: What is an annuity?
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Use the formula for the present value of an ordinary annuity or the amortization formula to solve the following problem.
PV=$12,000; PMT= $500; n = 60; i = ?
LIG
i=(Type an integer or decimal rounded to three decimal places as needed.)
ki
Jour
R
Transcribed Image Text:Use the formula for the present value of an ordinary annuity or the amortization formula to solve the following problem. PV=$12,000; PMT= $500; n = 60; i = ? LIG i=(Type an integer or decimal rounded to three decimal places as needed.) ki Jour R
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