time payments (1 Viewer)

[ryanox]

how do u calculate time payments? our class just brushed over them and i only just found out we need to know them for the exam that is 2moro!

 

[ryanox]

yh i think so...just how much they have to pay each month to pay off their total

 

[ryanox]

thanks heaps

 

[physx]

Hey just to add a question without having to make another thread on the same topic, we had a question in our trial and it had the following information

20years, $1050 per-month payments on a loan... now what i did was

20 X 1050 X 12 = 252000

This was a lead on style question and the next asked to find an expression then it asked to solve the (thinking space: we had P$, n = 20, r = 9%p.a) we had to find p$ as an expression.. now in the answer they used $140,000 and i thought it was 252$, 000 from the working above. This confused me so i just fudged in their 140,000 instead of my 252 into the answer. If they have stuffed up the working will they remove the question from the exam ?

-PhysX

edit: load =/ loan

 

[SoulSearcher]

$252000 is the total amount you will pay during the duration of the loan. If you started off with a $252000 loan, then you would have to pay more than $252000 because of the interest payments, hence they started off with a $140000 loan amount.

 

[physx]

$252000 is the total amount you will pay during the duration of the loan. If you started off with a $252000 loan, then you would have to pay more than $252000 because of the interest payments, hence they started off with a $140000 loan amount.

ahh thanks.. that made it clear

-Jase