If monthly payments are made for 30 years, find the value for n in the following future value ordinary annuity formula.

a - (360)

b - (12)

c - (30)

d - (30/12)

Option A is correct, i. e. n = 360.

Step-by-step explanation:

Given the monthly payments are made for 30 years.

We know 1 year = 12 months. It means they paid 12 installments in a year and they paid it for complete 30 years.

So, total installments = 12 installments in a year x 30 years = 360 installments.

Therefore, the value for n in the following future value ordinary annuity formula would be 360.

Hence, option A is correct, i. e. n = 360.

a.

(360)