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Home Q & A Board Science-Related Homework Help Mathematics
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Lada Lada
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6 years ago
A debt of $23 900.00 is repaid by making payments of $3617.00 at the beginning of every six months deferred for three years. If interest is 9.6% compounded monthly, for how long will payments have to be made?
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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#1
6 years ago
p =   - 1 = 0.0489703
FV    = 23900.00(1 + .008)36
   = 23900(1.3322298)
   = $31840.29 =  (due)

31840.29 = 3617.00  (1.0489703)    
8.3919969 = 
.4109586 = 1 - 1.0489703-n
-n ln 1.0489703 = 0.5890414
-n(0.047809) = -0.5292588
n = 11.0702755 ≈ 11 semi-annual periods
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