Pv= 14,551, n=105, I=0.03, pmt=?

Question

asked Mar 14, 2023 46.2k views

1 Answer

Nivhanin · Answer 1 · 2023-03-20T03:19:37+0000

Given the parameters provided, we are required to calculate the value for the periodic payment over the given period.

The formula linking all the provided parameters is given to be:

$PMT=(PV\cdot i)/(1-(1+i)^(-n))$

where

PMT = Payment

PV = Present Value

i = Rate per Period

n = Total Number of Periods

The parameters are:

$\begin{gathered} PV=14,551 \\ n=105 \\ i=0.03 \end{gathered}$

Therefore, we can calculate the PMT to be: