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OIC. I neglected to advise you in your previous thread to first either explain what you've learned thus far or show some other type of effort.

Please do not post exercises with no questions asked of your own. At the very least, we need to know what you're thinking.

Additional information about how to ask for help can be found in our FORUM GUIDELINES. Thank you!

Cheers 8-)
 
Denis said:
For how many months?
Is the 7% annual, compounded monthly?
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No its not annual its 7% per month for 12 months. I'm trying to figure how you do the math equation to come up with a monthly payment of $600.

This what I did but not sure if that is correct. 600/7% = 42 x 7%= 123.48 a month
 
Hold on, there. You are talking jibberish. When you can't decide if $600 is a payment or a loan amount, you cannot solve the problem. You haven't even been able to state the problem.

Seriously, why are you attempting this material? It seems you have none of the required background.

Please follow forum guidelines. Writing a little meaningless trash does not constitute showing any effort.
 
XpatienceX said:
trying to figure how you do the math equation
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I'm sorry to say this, but the phrase "do the math equation" is very ambiguous.

Were you given a formula and 'doing it' in your mind constitutes substitution of Real values followed by arithmetic, or does 'do the equation' constitute coming up with the formula yourself first?

Very confusing English and exercise statement :(
 
The very simplest interpretation of this is that you must pay the interest each month at 7% per month. IF all of that is true, there is "compounding" you are not making partial payments, etc. 7% of 600= (0.07)(600)= $42 interest each month.

That is, by the way, 84% annual interest. Pretty high!
 
XpatienceX said:
No its not annual its 7% per month for 12 months.
Click to expand...
You are aware that there are 12 month in a year aren't you? ;) That is "annual".

I'm trying to figure how you do the math equation to come up with a monthly payment of $600.

This what I did but not sure if that is correct. 600/7% = 42 x 7%= 123.48 a month
Click to expand...
I have no idea what you are doing. You first have 600 divided by 7%, then 42 times 7%! Where did the 42 come from and why did dividing by 7% become multiplying by 7%? 7% of 600 is .07($600)= $42. That is the interest per year. Because there are 12 months in a year, you now divide by 12 to get monthly interest.
 
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