I am having trouble finding the answer for PV=29,669 n=78 and i=0.025. I cannot seem to get the PMT answer right
I am having trouble finding the answer for PV=29,669 n=78 and i=0.025. I cannot seem to get the PMT answer right
PMT=$868.25. This is on the assumption that your i=.025 matches the payment periods, n=78.
In financial calculations such as this one, you have to state your problem precisely. Otherwise, you will get a meaningless answer. So, here: what does n=78 represent? Is it: days, weeks, months, years....etc.
The interest rate must always MATCH the n periods. So, until you specify your problem precisely, you will NOT get the right answer.
