SOLUTION: what monthly payment is required at 18% intrest to yield 5000.00 in three years

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Question 324251: what monthly payment is required at 18% intrest to yield 5000.00 in three years
Answer by nyc_function(2741) About Me  (Show Source):
You can put this solution on YOUR website!
R= monthly instalment
i =18/(100x12)= 0.015
n = 3x12 = 36 months
use the formula
A = R[(1+i)^n -1]/i
5000 = R[(1.015)^36 - 1]/ 0.015
R = {5000x0.015}/ [(1.015)^36 -1}
use calculator
R = $105.76