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I have $100,000.00.  lending it for .350 percent interest for 120 months

Guest May 11, 2015

Best Answer 

 #3
avatar+981 
+5

Thanks. It took me quite a few minutes to get my head around it. 

zacismyname  May 12, 2015
 #1
avatar+981 
+5

A = P*(1 + r)^n

We should convert the annual rate of 0.35% or 0.0035 into a quarterly rate . . . 0.0035/4 = 0.000875

The period is 120 months, 10 years or 40 quarters 

 

A = 100,000*(1+0.000875)^40

A = $103560.39

zacismyname  May 12, 2015
 #2
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0

Great answer Zac :)

Melody  May 12, 2015
 #3
avatar+981 
+5
Best Answer

Thanks. It took me quite a few minutes to get my head around it. 

zacismyname  May 12, 2015

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