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Melissa Costouras obtains a $3,000 loan for darkroom equipment. She makes six monthly payments of 5511.16 8. Jell Stapleton acquired $1.995 installment luan to pay for a new laten computer. He will repay the loan in 12 monthly payments of $174.7.

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Answer:

Loan= 3000    

Payments 5511.16 2511.16    

Time 6 months    

     

     

​Present Value=(1+r)nFV​where:FV=Future Valuer=Rate of returnn=Number of periods​      

     

Interest = Capital·i%·t      

     

Interest=5511,16-3000)      

     

2511,16=3000*i%*6      

     

2511,16=18000*i%      

     

i%=14%      

VP=1995    

VF=2096.4  174.7 12 2096.4

t=12    1995

   101.4

   

101,40=1995*12*i    

   

101,40=23940*i    

   

i=0.4%    

Explanation:

Loan= 3000    

Payments 5511.16 2511.16    

Time 6 months    

     

     

​Present Value=(1+r)nFV​where:FV=Future Valuer=Rate of returnn=Number of periods​      

     

Interest = Capital·i%·t      

     

Interest=5511,16-3000)      

     

2511,16=3000*i%*6      

     

2511,16=18000*i%      

     

i%=14%      

VP=1995    

VF=2096.4  174.7 12 2096.4

t=12    1995

   101.4

   

101,40=1995*12*i    

   

101,40=23940*i    

   

i=0.4%    

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