Bank borroing
Algebra
Level
pending
You borrow $ 15,000 to the bank at a rate of 6% annual interest. Your refund shall be made monthly over 6 years. how many dollars will be your annuity (monthly payment)?
The answer is 248.59.
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1 solution
(6%;12)
VA(n)= A(1-(1+i)^-n)/i
A= ? i=6%/12=0.005 n=12*6=72 VA=15000
15000=A(1-(1+0,005)^-72)/0.005
A=248.59$/month