Sunday, May 10, 2009

scribe post Friday May 8

Sorry for the late scribe post...

Scribe post May 8/09

Today we opened up the class by seeing a pink smart car with hello kitty on it, it was cute... in a "i would never do way" but cute.

We learned how to see how much of your savings and what interest you will have after a certain amount of months, years so on.

in the case that Mr K had given us the payments where made quarterly so for instance with the example he had given us..i had broke it down on the image below...

The next question we worked on showed us how to not only to find the monthly payment but to also find out the complete interest you received and how much it would be to pay it off..

a monthly payment of $8250 loan with a interest rate of 8.5% compounded monthly...If the loan is repaired in 2 years (24 months)

to determined the monthly payment we go to are tvm solver on our calculator under finance and fill it out like this...

the pmt (payment) amount was -376.52 because you are taking it FROM your money to pay it off.

To determine the total cost of Repaying the loan would be 376.52* 24
---24-- because of the 24 month payment

= 9036.48

You take that amount and subtract the principle value, so the value you started with .

9036.48-8250= $786.48

Sorry again for the late scribe post if anything is wrong with this scribe please comment so i can fix it!
thank you see you Monday!

next scribe is...Alvina!
(if Alvina had done it already then .....Katie!)


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