Hello,
I’m using the same formula as the book, but I’m getting 12.0529 for the answer to B. Am I missing something?
1+0.0615(210360)
1+0
The answer clearly demonstrates the formula used. Why dont you compare your formula with that formula? Whats the mystery?
yea i did that, but kept getting a different answer.
i figured out it out though, i was multiplying the months by (1+ the rate) instead of by the rate then adding 1.
So I was doing (1.0619)*(210/360) instead of [.0619*(210/360)+1]. In case anyone ends up making a similar error.
Good point. There are marginal benefits of being able to use the calculator well and fast during the exam.