why does this equation not work?(8700(.0931/12)(1+.0931/12)^(12*3.5)/((1+.0931/12)^(12*3.5)-1
That is NOT an equation! What are you trying to calculate? It looks like compound interest? let us know what you want to calculate.
It looks like you are trying to calculate a monthly payment on a loan of $8,700 @ 9.31% compounded monthly over a period of 3.5 years.
Your answer should be $243.52. Good luck.
