Question
A piece of equipment with a cash price of ¢650,000.00 is sold in installments, with an initial payment of ¢125,000.00 and the balance owed is paid in 18 monthly installments, charging a rate of J (12) =18%. It is requested: Calculate the value of the monthly fee to be paid?
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Answer to a math question A piece of equipment with a cash price of ¢650,000.00 is sold in installments, with an initial payment of ¢125,000.00 and the balance owed is paid in 18 monthly installments, charging a rate of J (12) =18%. It is requested: Calculate the value of the monthly fee to be paid?
Jon
4.699 Answers
1. Determine the amount of the loan:
\text{Loan Amount} = 650,000.00 - 125,000.00 = 525,000.00
2. Calculate the monthly interest rate:
i = \frac{0.18}{12} = 0.015
3. Determine the number of installments:
n = 18
4. Use the annuity formula to calculate the monthly installment:
R = \frac{525,000.00 \times 0.015}{1-(1+0.015)^{-18}}
5. Final calculation for the monthly fee:
R\approx33,498.04
Thus, the value of the monthly fee is:
R\approx33,498.04
2. Calculate the monthly interest rate:
3. Determine the number of installments:
4. Use the annuity formula to calculate the monthly installment:
5. Final calculation for the monthly fee:
Thus, the value of the monthly fee is:
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