Lilly: A=100 [(1+0.15/12) to the 12 x 3/4 power all of this over 0.15/12; 9 months with an APR 15% and monthly pymts of $100 please help
Hi Lilly,
This appears to be a compound interest formula
A = 100(1+0.15/12)
12x3/4 In words this is
I invest $100 in a bank account where the interest rate is 15% compounded monthly. How much money will be in the account in 9 months time?
In order not to make a calculator error it may be best to do this in bits.
A = 100(1.0125)
9 A = 100*1.118292177
A = $111.83 (to the nearest cent)
Dividing this by 0.15/12 does not make sense. Why do you want to do that?
+118654 
