Answer to Question #31439 in Finance for Tony
FV = PV*(1+r)^2 = 16,000*1.12^2 = $23,030, FV - future value, PV - present
value, r - interest rate.
So, the monthly installment amount will be:
MI = FV/24 = 23,030/24 = $960 they have to pay each month
Need a fast expert's response?Submit order
and get a quick answer at the best price
for any assignment or question with DETAILED EXPLANATIONS!