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therazorsx | Math Question. I borrowed $950 and want to repay the amount borrowed plus 10% interest over 19 equal payments |
can someone give me the total? Thanks!
Additional Details
I'm sorry, it would be bi-monthly. Can someone give me the formula? It's always good to learn something new. I should have listened more closely to my math teacher! |
 |
 
Icey12
|
The answers of $55 are not exactly correct. This figure assumes the interest is applied at the beginning of the year rather than continuously over the year.
The first thing to do is calculate the periodic interest rate, and this will depend on the definition of bimonthly (twice a month or every two months).
Twice a month: i = (1+0.1)^(1/24)-1 = 0.4%
Every two months: i = (1+0.1)^(1/6)-1 = 1.6%
The periodic payment (made 19 times) is:
$950/[(1+i)*(1 - (1/1+i)^19)/i]
Twice a month: Payment = $51.82
Every two months: Payment = $57.46 |
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tallmadgeavon
 |
It all depends on the type of payment, monthly, bi monthly, etc. A useful calculator can be found below. For other templates visit: http://office.microsoft.com/en-us/templates/results.aspx?qu=loan&av=TPL000 |
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mellen1978
|
Pay back $55 each of the 19 payments. |
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razza
 |
the total will be $1045. |
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livewire
|
950+95 divided by 19= 55 |
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Blur Blur Gal
 |
must pay $55. |
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Apples to Apples
|
Payments would be $55. Total payback amount would be $1045 |
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Boriana B
|
this is a finance problem.
in how many years/months will you be repaying the whole amount. |
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mahi
|
55$ |
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witchfromoz2003
|
$55.00 per month or if you wish bi -monthly |
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M B
|
Buy or borrow a financial calculator. What good is it to know the answer if you dont know the method? |
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