Solution (2) Now, use the r/M formula. r/M = 0.12/2 = .06. N = 10 years * 2 = 20 payments. F = A (F | A, i, N) = 24,000 (F/A, .06, 20) = 882,854.
{"Image DocumentName": "Solution (2)Now, use the r/M formula. r/M = 0.12/2 = .06. N = 10 years   2 = 20 payments. F = A (F | A, i, N) = 24,000 (F/A, .06, 20) = 882,854.", "Image ImageDescription": "Note that the bank s strategy in the second case has cost you about  14,000!!", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}