Help with Buying on terms (1 Viewer)
- Thread starter guy123
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Carrotsticks
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So can we assume your (A) is correct?
Carrotsticks
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Strange, I got the same answer as you.
Suppose we get their answer 490.83 and multiplied it by 60 months (this will give us the amount owing after 5 years), we get $29449.8.
Unless I'm missing something here, this cannot be the answer because that amount doesn't even cover the interest, let alone the whole thing!
The interest alone on the amount owing is 0.158 x $43778 x 5 = $34584.62.
Suppose we get their answer 490.83 and multiplied it by 60 months (this will give us the amount owing after 5 years), we get $29449.8.
Unless I'm missing something here, this cannot be the answer because that amount doesn't even cover the interest, let alone the whole thing!
The interest alone on the amount owing is 0.158 x $43778 x 5 = $34584.62.
Carrot - Gen Maths is too hard for you.
Do you know that this afternoon I'm tutoring a yr-12 student having test on Thurs. Included is this very topic of financial maths. I have left all my (heavy!) Gen. maths books at his place. I'm supposed to know financial maths very well - both from Gen Maths and 2U. But I spent quite some time and can't get the supposed answer.
Moral of story: don't trust me with Gen Maths.
Amount owing: I got: 47500 + 475 + 1203 - 6500 - 5400 = $37,278.
To pay off, monthly repayment M at 15.8% p.a. is:
^{60} - 1) \times \frac {0.158}{12}} {(1+ \frac {0.158}{12})^{60} - 1} = $902.57 \neq 490.83)
Where did I go wrong?
Do you know that this afternoon I'm tutoring a yr-12 student having test on Thurs. Included is this very topic of financial maths. I have left all my (heavy!) Gen. maths books at his place. I'm supposed to know financial maths very well - both from Gen Maths and 2U. But I spent quite some time and can't get the supposed answer.
Moral of story: don't trust me with Gen Maths.
Amount owing: I got: 47500 + 475 + 1203 - 6500 - 5400 = $37,278.
To pay off, monthly repayment M at 15.8% p.a. is:
Where did I go wrong?
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The kid probably goes to my school then cause I have a maths test on thurs aswell
Let me know when you are ready.kk. Well I might contact you if I ever need tutoring
Which I badly do, and i wanted these holidays but couldnt find anyone