00:01
Okay, so today we're going to be talking about getting a boat.
00:04
So, as opposed you want to save, in order to buy your boat, the apr is 4 .8, about $250, and how much we have after three years.
00:13
So the formula that you would have to use is your final value is equal to the monthly payment times 1 plus r, which is your rate, raise to your n, which is your rate.
00:39
Is the time period minus 1 divided by r your rate.
00:55
So plugging the numbers 250 p times 1 plus 0 .048.
01:07
So 4 .8 divided by 100 is 0 .048, divided by 12.
01:17
There's 12 months in a year to raise to the n, which is you have three years, but each year has one month, three years, and there's 12 months in a year, so 12 times 3, which is 36, minus 1, divided by 0 ,04...