Question

Suppose that the following group of values was entered into the tvm solver of a graphing calculator: n=240; 1%=13.2; pv=95000; pmt=1126.5599; fv=0; p/y=12; c/y=12; pmt:end. Also suppose that the "bal(" function was used as follows: bal(36). Which of these expressions is equivalent to the value returned by the "bal(" function?

Answer 1

Answer: A. 85,000(1+0.012)48 +$1081.7751 [1-(1+0.012)48]

0.012

Explanation: