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18 March, 16:59

Use the future value formula to find the indicated value. FV = $ 5330 n=24 ; i=0.08 ; PMT=? PMT=$ (round to the nearest cent)

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  1. 18 March, 20:34
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    The future value formula:

    F=A ((1+i) ^n-1) / i = >

    A=F*i / ((1+i) ^n-1) where A=annual (period) payment, i=0.08, n=24 years (or periods), and F=5330

    =5330*0.08 / (1.08^24-1)

    =82.83

    Check:

    F=82.83 ((1.08^24-1) /.08

    =5530.125 ok.
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