Do you know the Compound interest formula?
Please share your work - a picture of your will be great.I have managed to convert the APR into effective monthly rate and got 0,83%, using the compound interest formula I get result of t = 0,635 (approximately) I am unsure of how to interpret that result.
your expression for compounded value is correct for 1 payment. However this is a problem with multiple payment - like annuity or mortgage. What formula have been taught regarding annuities or mortgage payment.I just used the compound interest formula you mentioned and because I am not that good with logarithms I used wolfram alpha to calculate the rest