Mathematics, 25.01.2020 23:31 ELIZABETH7777
A$104,000 selling price with $24,000 down at 81⁄2% for 25 years results in a monthly payment of
Answers: 3
![\bf \qquad \qquad \textit{Future Value of an ordinary annuity} \\\\ FV=pymnt\left[ \cfrac{\left( 1+\frac{r}{n} \right)^{nt}-1}{\frac{r}{n}} \right] \\\\ \qquad \begin{cases} FV=\textit{future value}\to & \begin{array}{llll} 104,000\\ -24,000\\ -----\\ 80,000 \end{array}\\ pymnt=\textit{periodic payments}\\ r=rate\to 8\frac{1}{2}\%\to \frac{8.5}{100}\to &0.085\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{monthly payments, means 12} \end{array}\to &12\\ t=years\to &25 \end{cases}](/tpl/images/0470/8830/a1826.png)
![\bf thus \\\\ 80,000=pymnt\left[ \cfrac{\left( 1+\frac{0.085}{12} \right)^{12\cdot 25}-1}{\frac{0.085}{12}} \right]](/tpl/images/0470/8830/82972.png)
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A$104,000 selling price with $24,000 down at 81⁄2% for 25 years results in a monthly payment of...
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