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Mia

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Math Help [Jan. 17th, 2009|11:23 am]
Mia
Maybe Marc or Dri can help :-\

I've completely forgotten how to solve for an exponent.

My formula (to find Annuity Present Value) is:

$2000 = $50 x { 1 - [1/(1+0.02)^t /0.02

I don't know how to get t (for time). I feel retarded. Haha.

Halp?

P.S. Q is: Suppose you owe $2000 on a Visa and the interest rate is 2% per month. If you make the minimum monthly payments of $50, how long will it take you to pay it off?
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Comments:
[User Picture]From: cbeauche
2009-01-16 09:00 pm (UTC)
I don't think there an easy solution for this.
I suggest you use an online calculator:
http://www.google.ca/search?hl=en&safe=off&rls=GGGL%2CGGGL%3A2007-30%2CGGGL%3Afr&q=loan+interest+calculator&btnG=Search&meta=
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[User Picture]From: jadex3
2009-01-18 07:30 am (UTC)
hehe, well, apparently I just had to re-learn to use ln ;)

http://inlinethumb02.webshots.com/6209/2895626310058528819S600x600Q85.jpg

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