PV=$9,000; i=0.05; PMT=$500; n=48
-
Your figures are approximate:
500(1-1.05^-48)/0.05 = 9039
Not sure why you are asking this in Physics, but the equation relating
PV (present value)
PMT (periodic payment amount)
i (fractional interest rate) and
n (number of compounding periods)
is in the link, along with explanations.
500(1-1.05^-48)/0.05 = 9039
Not sure why you are asking this in Physics, but the equation relating
PV (present value)
PMT (periodic payment amount)
i (fractional interest rate) and
n (number of compounding periods)
is in the link, along with explanations.