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Please help

Guest Nov 20, 2018

Best Answer 

 #1
avatar+14578 
+2

She is making MONTHLY payments, so you have to look at the MONTHLY interest

  .03 / 12 = .0025    is the 'r' in the equation     AND 'n' will be the number of MONTHS

     n= 10 yrs  x  12 mos/yr = 120 periods

   = 95 (1+ .0025)^120 -1)/.0025 = $ 13275.43

ElectricPavlov  Nov 20, 2018
 #1
avatar+14578 
+2
Best Answer

She is making MONTHLY payments, so you have to look at the MONTHLY interest

  .03 / 12 = .0025    is the 'r' in the equation     AND 'n' will be the number of MONTHS

     n= 10 yrs  x  12 mos/yr = 120 periods

   = 95 (1+ .0025)^120 -1)/.0025 = $ 13275.43

ElectricPavlov  Nov 20, 2018

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