I'm trying to solve the following, but I'm doing something wrong in the calculations.
PV = Pmt(1-(1 = i)^-n) / i
497.98(1 - (1 + .06)-60)/ .06
497.98(1 - ( - 58.94) / .06
497.98(59.94) / .06
497.98(999) ??
$\displaystyle 1-(1+.06)^{-60}=1-(\frac{1}{1+.06})^{60}=1-\frac{1}{32.9876}=1-.03031=.9697$ Do the rest.
What calculator are you using? Do not use Window's default calculator in this purpose. Use a scientific calculator to calculate -1.06^-60 or simplify as shown.I'm plugging -1.06 ^-60 in the calculator and getting 59.94