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6 June, 11:16

If monthly payments are made for 30 years, find the value for n in the following future value ordinary annuity formula.

a - (360)

b - (12)

c - (30)

d - (30/12)

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Answers (2)
  1. 6 June, 14:15
    0
    a.

    (360)
  2. 6 June, 15:06
    0
    Option A is correct, i. e. n = 360.

    Step-by-step explanation:

    Given the monthly payments are made for 30 years.

    We know 1 year = 12 months. It means they paid 12 installments in a year and they paid it for complete 30 years.

    So, total installments = 12 installments in a year x 30 years = 360 installments.

    Therefore, the value for n in the following future value ordinary annuity formula would be 360.

    Hence, option A is correct, i. e. n = 360.
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