Apply for a $ 59000 loan, the loan repayment period is 8 years, the interest rate 7%.
How much should I pay for every month (or every year if paid yearly).

Example is for practise geometric progression and/or periodic payment for an annuity.


m =  804.39 USD
y =  9880.6 USD


Solution in text m =
Solution in text y =

Leave us a comment of example and its solution (i.e. if it is still somewhat unclear...):

Showing 0 comments:
1st comment
Be the first to comment!

Next similar examples:

  1. Interest
    dollars Calculate how much you earn for 10 years 43000 deposit if the interest rate is 1.3% and the interest period is a quarter.
  2. Compound interest
    bank_3 Compound interest: Clara deposited CZK 100,000 in the bank with an annual interest rate of 1.5%. Both money and interest remain deposited in the bank. How many CZK will be in the bank after 3 years?
  3. Deposit
    ping_bank If you deposit 959 euros the beginning of each year, how much money we have at 2.1% (compound) interest after 19 years?
  4. Bank
    money_3 Paul put 10000 in the bank for 6 years. Calculate how much you will have in the bank if he not pick earned interest or change deposit conditions. The annual interest rate is 3.5%, and the tax on interest is 10%.
  5. Population
    population_2 What is the population of the city with 3% annual growth, if in 10 years the city will have 60,000 residents?
  6. Piano
    piano If Suzan practicing 10 minutes at Monday; every other day she wants to practice 2 times as much as the previous day, how many hours and minutes will have to practice on Friday?
  7. Virus
    virus We have a virus that lives one hour. Every half hour produce two child viruses. What will be the living population of the virus after 3.5 hours?
  8. Eight palm
    palma There grows 8 palms by the sea. At the first sitting one parrot, on second two, on third sits four parrots on each other twice the previous parrots sitting on a previous palm. How many parrots sitting on eighth palm?
  9. Geometric sequence 4
    Koch_Snowflake_Triangles It is given geometric sequence a3 = 7 and a12 = 3. Calculate s23 (= sum of the first 23 members of the sequence).
  10. Tenth member
    10 Calculate the tenth member of geometric sequence when given: a1=1/2 and q=2
  11. Five members
    pst3.JPG Write first 5 members geometric sequence and determine whether it is increasing or decreasing: a1 = 3 q = -2
  12. GP - 8 items
    fn Determine the first eight members of a geometric progression if a9=512, q=2
  13. Six terms
    sequence_geo_3 Find the first six terms of the sequence a1 = -3, an = 2 * an-1
  14. Geometric progression 2
    exp_x There is geometric sequence with a1=5.7 and quotient q=-2.5. Calculate a17.
  15. Powers
    1power Express the expression ? as the n-th power of the base 10.
  16. One half
    one_half One half of ? is: ?
  17. Theorem prove
    thales_1 We want to prove the sentense: If the natural number n is divisible by six, then n is divisible by three. From what assumption we started?