$$FV=\$5420;\text{}n=20;\text{}i=0.09;\text{}\text{PMT}=?$$

allbleachix
2022-09-11
Answered

Use the future value formula to find the indicated value.

$$FV=\$5420;\text{}n=20;\text{}i=0.09;\text{}\text{PMT}=?$$

$$FV=\$5420;\text{}n=20;\text{}i=0.09;\text{}\text{PMT}=?$$

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Karla Bautista

Answered 2022-09-12
Author has **16** answers

Given:

$$PV=\$5420;\text{}n=20;\phantom{\rule{0ex}{0ex}}i=0.09;\text{}PMT=?\phantom{\rule{0ex}{0ex}}\Rightarrow PMT=\frac{i(FV)}{(1+i{)}^{n}-1}\phantom{\rule{0ex}{0ex}}\Rightarrow PMT=\frac{(0.09)(5420)}{(1+0.09{)}^{20}-1}\phantom{\rule{0ex}{0ex}}\Rightarrow PMT=\$105.94$$

$$PV=\$5420;\text{}n=20;\phantom{\rule{0ex}{0ex}}i=0.09;\text{}PMT=?\phantom{\rule{0ex}{0ex}}\Rightarrow PMT=\frac{i(FV)}{(1+i{)}^{n}-1}\phantom{\rule{0ex}{0ex}}\Rightarrow PMT=\frac{(0.09)(5420)}{(1+0.09{)}^{20}-1}\phantom{\rule{0ex}{0ex}}\Rightarrow PMT=\$105.94$$

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