Question 918262
<font face="Times New Roman" size="+2">


All of them use the same formula:


*[tex \LARGE \ \ \ \ \ \ \ \ \ \ A\ =\ P\left(1\ +\ \frac{r}{n}\right)^{nt}]


Where *[tex \Large A] is the future amount, *[tex \Large P] is the original principal, *[tex \Large r] is the annual interest rate as a decimal, *[tex \Large n] is the number of compounding periods per year, and *[tex \Large t] is the number of years in the loan term.


To calculate the payment amount, divide *[tex \Large A], as calculated above, by the number of payments in the term of the loan.  Alternatively, you can calculate the monthly payment directly using:


*[tex \LARGE \ \ \ \ \ \ \ \ \ \ PMT =\ P\left(\frac{\frac{r}{n}\left(1+\frac{r}{n}\right)^{nt}}{\left(1+\frac{r}{n}\right)^{nt}\ -\ 1}\right)]


Where *[tex \Large P] is the original principal, *[tex \Large r] is the annual interest rate as a decimal, *[tex \Large n] is the number of compounding periods per year, and *[tex \Large t] is the number of years in the loan term.


You can do your own arithmetic.


John
*[tex \LARGE e^{i\pi}\ +\ 1\ =\ 0]
My calculator said it, I believe it, that settles it

*[tex \Large \ \
*[tex \LARGE \ \ \ \ \ \ \ \ \ \