500=L((0.0239/12)/(1-(1+(0.239/12)^-60
First, this is the formula for finding the amount of a loan with a monthly payments of $500 @ 2.39% compounded monthly over a period of 5 years, or 60 months.
500=L*(0.00199167) / (1 - (1.00199167)^-60)
500=L*(0.00199167) / (1 - 0.8874695)
500=L*(0.00199167) / (0.1125305)
500=L* 0.01769893) Divide both sides by .01769893
L=$28,250.30. The accurate amount is $28,250.34 when calculations carried to 15 decimal places.
