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

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?

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