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Use the formula for the future value of an ordinary annuity to calculate A with the monthly payment R=$150, the annual interest rate r=7.5%, and the number of monthly payments n=132

Guest Mar 6, 2017
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FV = P x {[1 + R]^N - 1 / R}

FV = 150 x {[1 + 0.075/12]^132 - 1 / 0.075/12}

FV = 150 x             204.1647526..

FV =$30,624.71

Guest Mar 6, 2017

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