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Math Help - Loan?Annuity Question

  1. #1
    Junior Member
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    Loan?Annuity Question

    I dont know where to start. Thanks for the help

    1. How much can you borrow if the interest rate is 5% and you can afford to pay $7000 at the end of each year and you want to pay the loan off in 12 years.
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  2. #2
    MHF Contributor
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    Quote Originally Posted by GreenandGold View Post
    I dont know where to start. Thanks for the help

    1. How much can you borrow if the interest rate is 5% and you can afford to pay $7000 at the end of each year and you want to pay the loan off in 12 years.

    Perhaps you can view this thread : http://www.mathhelpforum.com/math-he...s-problem.html

    and use this formula :


    A \;=\;P\,\frac{i(1+i)^n}{(1+i)^n-1}<br />
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