msteresalyn1 msteresalyn1

01-07-2017
Mathematics

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Use the future value formula to find the indicated value. FV = $ 5330 n=24; i=0.08; PMT=? PMT=$ (round to the nearest cent)

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Aliwohaish12 Aliwohaish12

01-07-2017

Hi there
The future value formula is
Fv=pmt [(1+r)^(n)-1)÷r]
Solve the formula for PMT
PMT=Fv÷[(1+r)^(n)-1)÷r]
So
PMT=5,330÷(((1+0.08)^(24)−1)÷(0.08))
PMT=79.83

Good luck!

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