Archive for the ‘Mathematics’ Category

Calculus: A car costs $20,000 and bank loan is 8% compounded continuously interest. What are monthly payments?

Rob T asked: A car costs $20,000 and the bank loan is 8% compounded continuously interest. What are monthly payments?
The cost of the car is the present value of a constant money stream(dollars per year). The monthly payment is the annual payment divided by 12
for 5 years, forgot to mention it