Question 1118056
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You want monthly periodic payments.  The formula you are using is the amount of the periodic payment to achieve a future value, but you are using an ANNUAL rate of interest and 40 ANNUAL periodic payments.  Try this instead:


*[tex \LARGE \ \ \ \ \ \ \ \ \ \ P\ =\ \frac{1,000,000}{\frac{\(1\,+\,\frac{0.0525}{12}\)^{480}\,-\,1}{\frac{0.0525}{12}}]


John
*[tex \LARGE e^{i\pi}\ +\ 1\ =\ 0]
My calculator said it, I believe it, that settles it
<img src="http://c0rk.blogs.com/gr0undzer0/darwin-fish.jpg">
*[tex \Large \ \
*[tex \LARGE \ \ \ \ \ \ \ \ \ \  

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