if someone have 40000 dollars and you get 2% of it every month for seven years,...

[ben2017]

if someone have 40000 dollars and you get 2% of it every month for seven years, how much will you get a month

 

[Deleted member 4993]

if someone have 40000 dollars and you get 2% of it every month for seven years, how much will you get a month

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[stapel]

if someone have 40000 dollars and you get 2% of it every month for seven years, how much will you get a month

Are you getting two percent of the original amount every month, or two percent of whatever is left? If you're working with whatever is left, is that amount being held in an interest-bearing instrument? If so, at what rate and what compounding? Are you supposed to be creating an expression for the amount received in the n-th month, or something else?

When you reply, please provide any formulas, algorithms, or methods they gave you in class for this sort of exercise, along with a clear listing of your efforts so far. Thank you!