2006-07-04 06:25:58 · 7 answers · asked by Nina E 1 in Science & Mathematics ➔ Mathematics
It's about $1000*1.06^8, or $1593.85.
2006-07-04 06:33:28 · answer #1 · answered by anonymous 7 · 0⤊ 0⤋
Using the following formula one can calculate the final(maturity value)
FV = P(1 + r)^n ,where
P=principle amount,
r = rate of interest and
n =no. of years for which the loan is kept.
So, maturity value= 1000(1+.06)^8=1593.8480745308416 $
2006-07-04 09:48:39 · answer #2 · answered by Anonymous · 0⤊ 0⤋
With a purchase price of $1,000.00, a down payment of 0.00 and an annual interest rate of 6.000%, a 96 month loan will result in a payment of about $13.14 per month.
Amount Financed 1,000.00
Total of Payments 1,261.58
Finance Charge 261.58
2006-07-04 06:37:40 · answer #3 · answered by Therapist 5 · 0⤊ 0⤋
Uhh... is it a mortgage with mothly payments, or a one-time payment loan?
There is no "annual" or "yearly" compound, they're already like that.
And the maturity value is $1593.85.
2006-07-04 06:43:13 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Using the formula I=P(1+B)^N^T
P= 1000
B= Interest/N=.06/1
N=1 for one year(if it compounded daily than r would be 365)
t=8
For an answer of $ 1593.84807453 or $1593.85
2006-07-04 06:45:13 · answer #5 · answered by pilotmanitalia 5 · 0⤊ 0⤋
1593.85 = 1000 X 1.06 ^8
2006-07-04 06:33:45 · answer #6 · answered by MarQus1 4 · 0⤊ 0⤋
The equation is $1,000 * (1+6%)^8 = $1,598.85
2006-07-04 06:58:21 · answer #7 · answered by stuckinNJ 1 · 0⤊ 0⤋