Economics

[Maqboole]

You are offered to finance a compressor , with a nominal interest at 8.2% compounded monthly.

 

YOU PAY £590 PER MONTH FOR 134 MONTHS.

 

Estimate the total amount of money to be paid .

 

 

 

I would like some help in this ,i was m trying to do economics exams preparation .i would like can someone suggest me a solution or which site should be helpful. i would be very thankful,

 

plz tell me if i m wrong what i did is i multiplied 11.2 yrs by 8.2 then multiplied £590. is that the correct way.

Maqbool

[cypress]

You are offered to finance a compressor , with a nominal interest at 8.2% compounded monthly.

 

YOU PAY £590 PER MONTH FOR 134 MONTHS.

 

Estimate the total amount of money to be paid .

 

 

 

I would like some help in this ,i was m trying to do economics exams preparation .i would like can someone suggest me a solution or which site should be helpful. i would be very thankful,

 

plz tell me if i m wrong what i did is i multiplied 11.2 yrs by 8.2 then multiplied £590. is that the correct way.

Maqbool

 

No that is incorrect. Think about the question they are asking. If you pay 590 per month for 134 months, what is the total paid?

[Izzy_Bee]

You are offered to finance a compressor , with a nominal interest at 8.2% compounded monthly.

 

YOU PAY £590 PER MONTH FOR 134 MONTHS.

 

Estimate the total amount of money to be paid .

 

 

 

I would like some help in this ,i was m trying to do economics exams preparation .i would like can someone suggest me a solution or which site should be helpful. i would be very thankful,

 

plz tell me if i m wrong what i did is i multiplied 11.2 yrs by 8.2 then multiplied £590. is that the correct way.

Maqbool

 

 

If youw ant a sight that can help you then I would suggest this one, there is always some one around to help.

As for your answer I believe it is wrong. Have a calculator handy and try again. Good luck with your exam prep and exam.

Truth