SOLUTION: I'm trying to determine the return interest rate of a whole life policy over the course of 20 years. The monthly payment is $169 and the total comes out to $52,000. The formula tha

Algebra ->  Finance -> SOLUTION: I'm trying to determine the return interest rate of a whole life policy over the course of 20 years. The monthly payment is $169 and the total comes out to $52,000. The formula tha      Log On


   

Question 877008: I'm trying to determine the return interest rate of a whole life policy over the course of 20 years. The monthly payment is $169 and the total comes out to $52,000. The formula that I came up with is (169*12)x*20=52000. I think that this is the proper formula but I'm not sure. The number that I get when putting my equation into the Universal Simplifier and equation solver program linked above is 1.28 but that does not seem right to me at all. Can you please help me? Thank you for your assistance!
Answer by jim_thompson5910(35256) About Me  (Show Source):
You can put this solution on YOUR website!
The solution to (169*12)x*20=52000 is roughly x = 1.28

So the solver is doing the job correctly.

However, I'm not sure if you have the right formula or not.