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25 October, 10:59

Find the monthly payment required to obtain a future value given the information: $4,800 at an APR of 4.5% compounding monthly for 5 years and 6 months. The monthly payment is what?

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  1. 25 October, 11:18
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    Okay for monthly, i =.00375. And the number of months, n=66.

    So we have x * s angle 66 = 4800

    Which becomes x * (1.00375^66 - 1) /.00375 = 4800

    So, x is 64.23, which is the payment per month which will accumulate to 4800 after 66 months, assuming compounding interest and payment at the end of each month.
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