Annuity Calculation query?
Given that FVoa = PMT [((1 + i)n - 1) / i], how can you rearrange the formula to solve for i?If you prefer numbers to formulae, here are the given values:
FVoa = 1365
n=13
PMT=100
Thanks to adjectives that attempt this!
Answers: Your formula is incorrect, it should be
FVoa = PMT [((1 + i)^n - 1) / i]
1365 = 100[((1 + i)^13 - 1) / i]
divide both sides by 100
13.65 = ((1 + i)^13 - 1) /i
distribute the power of 13
13.65 = 1 + i^13 - 1 / i
The ones cancel
13.65 = i^13 / i
divide out the i
13.65 = i^12
so afterwards you take the inverse which is
12√13.65 = i
use your calculator for this and voila
i = 1.24%
It's be a while so this might be wrong, but it's my best shot.
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Is it true that Muslim bank don't charge interest on loans?
I herad its a sin in islam to charge money for money. Can I receive a Loan if I am not a Muslim from an Islamic bank?Answers: It is true. In Islamic Banking, things are different. You become a (per cent)owner of the Bank by investing and become a partner of production if you purloin a loan.
Your loan asset is being utilized for your gain as capably as of the Bank. When liability towards the Bank ends, you become the owner of the asset financed by the Bank.All a different approach.
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