Question 1155725
55000 loan.
interest rate = 10.5% per year compounded monthly equals (10.5/12)% per month.
7 years compounded monthly equals (7 * 12) months.
inputs to the TI-BA-II business analystl calculator are:
present value = 55000
future value = 0
interest rate equals (10.5/12)% per month.
number of months = (7 * 12) months.
payments are made at the end of each month.
results are that the monthly payments are 927.3370232 per month.
round to the nearest penny to get payments of 927.34 per month.
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inputs are .....
present value = 55000
future value = 0
number of months = 7 years * 12 = 84
interest rate per month = 10.5% per year / 12 = .875%
payments are made at the end of each month.
results are that the payment at the end of each month is 927.23.
this calculator rounds your answer to the nearest penny automatically.
results from this calculator are shown below.
<img src = "http://theo.x10hosting.com/2020/041201.jpg" alt="$$$" >