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future value of an ordinary annuity that has $270 monthly payments for 12 years at 3.75 % interest?
17
Mar
charlielovesnyc
March 17, 2010 at 8:33 pm
PV = 31,270.26
FV = PV * (1+0.375/12)^144 = $49,007.13
Clueless websurfer
March 17, 2010 at 9:22 pm
You need to use the formula FV = payment * “s angle n at i”. “s angle n at i” means [(1+i)^n - 1]/i.