Answer:
Not sure which "process" it is. But discount amount is $3 (new price would be 57)
Step-by-step explanation:
- Equation would start with 5% x 60
- 5% would be equivalent to the fraction 5/100
- Take 5/100 and multiply 60
- (60 x 5)/100 = 3 <--<em> discount amount</em>
- Take $3 off $60 and the new price is $57
Factoring means to break and make it shorter.
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hope this helps
Present value of annuity PV = P(1 - (1 + r/t)^-nt) / (r/t)
where: p is the monthly payment, r is the APR = 14.12% = 0.1412, t is the number of payments in one year = 12, n is the number of years = 2.
1,120.87 = P(1 - (1 + 0.1412/12)^(-2 x 12)) / (0.1412 / 12)
0.1412(1120.87) = 12P(1 - (1 + 0.1412/12)^-24)
P = 0.1412(1120.87) / 12(1 - (1 + 0.1412/12)^-24) = $53.88
Minimum monthly payment = 3.15% of 1120.87(1 + 0.1412/12) = 0.0315 x 1120.87(1 + 0.1412/12) = $35.72
Therefore, his first payment will be greater than the minimum payment by 53.88 - 35.72 = $18.16
Answer:
8/100 is equivalent to 0.08
