2006-09-30 08:40:54 · 6 answers · asked by E S 2 in Science & Mathematics ➔ Mathematics
$245.00
4.2% annually is .35% or .0035 monthly
The answer could also be $240.406 if the 4.2% is the effective annual yield after monthly compounding.
2006-09-30 08:45:04 · answer #1 · answered by davidosterberg1 6 · 0⤊ 0⤋
4.2% interest paid monthly usually means (4.2/12)% per month, and implies compounding. You have 14 possible answers:
70,000*4.2/100 =
70,000*4.2/1,200 =
70000((1+4.2/1200)^n - (1+4.2/1200)^(n-1)) = ,
n{1,2,3,4,5,6,7,8,9,10,11,12}
2006-09-30 15:52:26 · answer #2 · answered by Helmut 7 · 0⤊ 0⤋
INTEREST=P*R*T/100=70000*4.2*1/100
=2940$/MONTH(SIMPLE INTEREST)
2006-09-30 15:47:57 · answer #3 · answered by Anonymous · 0⤊ 0⤋
70,000 x .042 / 12 = your answer
2006-09-30 15:46:48 · answer #4 · answered by bigpaul 3 · 0⤊ 0⤋
it should be around 3 grand a month pending.
2006-09-30 15:46:02 · answer #5 · answered by budda070 1 · 0⤊ 0⤋
$2940
2006-09-30 15:49:38 · answer #6 · answered by James H 2 · 0⤊ 0⤋