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Precalculus Mathematics Homework Help
How to calculate total interest from annuity-immediate?
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[QUOTE="StoneTemplePython, post: 6015461, member: 613025"] can you show a bit more work? I didn't understand this. ##20\big(k\big) = 20\big(217.45\big) \lt 10,000 \lt \text{total cash pmt obligation }## so that doesn't seem to be the amount for the 20 level installments. - - - - The idea, like in a lot of math, is to set something up then run it forward and run it backward. The forward part is you have a present value of payments that is ##10,000##. So you have ##10,000 = \sum_{k=1}^{20} \frac{x}{(1+r)^k} = x \sum_{k=1}^{20} \delta^k## where ##\delta := \frac{1}{1+r}##, ##x = \text{level payment amount}## and I think ##r = 0.04##, though using the term that interest is 'convertible' seems nonstandard at least compared to what I'm used to, so there may be fine tuning need on compounding periods. [U] My guess[/U] is that you accidentally used ##\delta = (1+r)## instead. - - - - solve for ##x## and that's first part. The second part is a simple decomposition of the total payments. [/QUOTE]
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How to calculate total interest from annuity-immediate?
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