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Safari File Edit View History Bookmarks Window Help 55% D, , u.s. Sun 9:53 PM E ezto-ct-media.mheducation.com CO the City of Denton | Customer Portal | Pay My fv of 1.jpg 1,167 847 pixels Chegg Study | Guided Solutions and Study TABLE 1 Future Value of $1 n/i 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5,0% 5.5% 6.0% 7.0% 8.0% 9.0% 10.0% 11.0% 12.096 20.0% 1 1.01000 1.01500 1.02000 1.02500 1.03000 1.03500 1.04000 1.04500 1.05000 1.05500 1.06000 1.07000 1.08000 1.09000 1.10000 .11000 1.12000 .20000 2 1.02010 1.03022 1.04040 1.05063 1.06090 1.07123 1.08160 1.09203 1.10250 1.11303 12360 1.14490 .16640 1.18810 1.21000 1.23210 1.2544044000 3 1.03030 1.04568 1.06121 1.07689 1.09273 1.10872 1.12486 1.14117 1.15763 1.17424 1.19102 1.22504 1.25971 1.29503 1.33100 1.36763 1.40493 1.72800 4 1.04060 1.06136 1.08243 1.10381 1.12551 1.14752 1.16986 1.19252 1.21551 1.23882 1,26248 1.31080 1.36049 1.41158 146410 1.51807 1.57352 2.07360 5 1.05101 1.07728 1.10408 1.13141 1.15927 1.18769 1.21665 1.24618 1.27628 1.30696 1.33823 1.40255 1.46933 1.53862 1.61051 1.68506 1.76234 2.48832 6 1.06152 1.09344 1.12616 1.15969 1.19405 1.22926 1.26532 1.30226 1.34010 1.37884 1.41852 1.50073 1.58687 1.67710 1.77156 1.87041 1.97382 2.98598 7 1.07214 1.10984 1.14869 1.18869 1.22987 1.27228 1,31593 1.36086 1.40710 1.45468 1.50363 1.60578 1.71382 1.82804 1.94872 207616 2.21068 3.58318 8 1.08286 1.12649 1.17166 1.21840 1.26677 1.31681 1.36857 1.42210 147746 1.53469 1.59385 1.71819 1.85093 1.99256 2.14359 2.30454 2.47596 4.29982 9 1.09369 1.14339 1.19509 1.2486 1.30477 1.36290 1.42331 1.48610 155133 1.61909 1.68948 1.83846 199900 2.17189 2.35795 255804 2.77308 5.15978 10 1.10462 1.16054 1.21899 1.28008 1.34392 141060 1,48024 1.55297 162899 1.70814 1.79085 1.96715 215892 2.36736 2.59374 283942 3.10585 19174 11 1.11567 1.17795 1.24337 1.31209 1.38423 145997 1.53945 1.62285 1.71034 1.80209 1.89830 2.10485 2.33164 2.58043 2.85312 3.15176 3.47855 7.43008 12 1.12683 1.19562 1.26824 1.34489 1.42576 1.51107 1.60103 1.69588 1.79586 1.90121 2.01220 2.25219 2.51817 2.81266 3.13843 3.49845 3.89598 8.91610 13 1.13809 1.21355 1.29361 1.37851 1.46853 1.56396 1.66507 1.77220 1.88565 2.00577 2.13293 2.40985 271962 3.06580 3.45227 3.88328 4.36349 10.69932 14 1.14947 1.23176 1.31948 141297 1.51259 1.61869 1.73168 1.85194 1.97993 2.11609 2.26090 2.57853 293719 3.34173 3.79750 4.31044 4.88711 12.83918 15 1.16097 1.25023 1.34587 1,44830 1.55797 1.67535 1.80094 1.93528 2.07893 2.23248 2.39656 2.75903 317217 3.64248 4.17725 4.78459 5.47357 15.40702 16 1.17258 1.26899 1.37279 1.48451 1.60471 1.73399 1.87298 2.02237 2.18287 2.35526 2.54035 2.95216 3.42594 3.97031 4.59497 5.31089 6.13039 18.48843 17 1.18430 1.28802 1.40024 1.52162 1.65285 1.79468 1.94790 2.11338 2.29202 2.48480 2.69277 3.15882 3.70002 4.32763 5.05447 5.89509 6.86604 22.18611 18 1.19615 1.30734 1.42825 1.55966 1.70243 1.85749 2.02582 2.20848 2.40662 2.62147 2.85434 3.37993 3.99602 4.71712 5.55992 6.54355 7.68997 26.62333 19 1.20811 1.32695 1.45681 1.59865 1.75351 1.92250 2.10685 2.307862.52695 2.76565 3.02560 3.61653 4.31570 s.14166 6.11591 7.26334 8.61276 3194800 20 1.22019 1.34686 1.48595 163862 1.80611 1.98979 2.19112 2.41171 2.65330 2.91776 3.20714 3.86968 4.66096 5.60441 6.72750 8.06231 9.64629 38.33760 21 1.23239 1.36706 1.51567 167958 1.86029 2.05943 2.27877 2.52024 2.78596 3.07823 3.39956 4.14056 5.03383 6.10881 740025 8.94917 10.80385 46.00512 25 1.28243 1.45095 1.64061 1.85394 2.09378 2.36324 2.66584 3.00543 3.38635 3.81339 4.29187 5.427436.848488.62308 10.83471 13.58546 17.00006 95.39622 30 1.34785 1.56308 1.81136 2.09757 2.42726 2.80679 3.24340 3.74532 4.32194 4.98395 5.74349 7.61226 10.06266 13.26768 17.44940 22.89230 29.95992 237.37631 40 1.48886 1.81402 2.20804 2.68506 3.26204 3.95926 4.80102 5.81636 7.03999 8.51331 10.28572 14.97446 21.72452 31.40942 45.25926 65.00087 93.05097 1469.77160

Explanation / Answer

Formula for calculation of EMI or equal annual payment

= [ P x R x ( 1 + R) ^ N] / [(1 + R) ^ N – 1]

Where,

P = Loan amount = $29,000

R = Interest rate per period = 5% or 0.05

N = Number of installments = 3 years

So, Installment amount

= [ $29,000 x 0.05 x (1.05 ^ 3] / [(1.05 ^ 3] – 1]

= [$1,450 x 1.15763] / [1.15763 – 1]

= $ 1678.5635 / 0.15763

= $ 10,649

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