20000 [.045/(1.045)^15-1]

It looks like an actuarial math to me and I would say with this set up, you are looking for the payment. But with your post, I just assumed you wanted this to be calculated. let's start with the inside of the parenthesis. [0.045/(1.045)^15-1] = [0.045/(1.045)^14) --> subtracting the power 15 - 1 = 14 [0.045/(1.045)^14) = (0.045/1.8519) --> calculating the denominator (0.045/1.8519) = 0.024299 --> finishing the parenthesis Therefore, 20000 * 0.024299 = 485.98
Answered On 03/21/2017 23:04