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pishuonlain [190]
2 years ago
5

Toby just graduated from four years of college. at the beginning of each year, he took out a stafford loan with a principal of $

6,125. each loan had a duration of ten years and an interest rate of 5.3%, compounded monthly. all of the loans were subsidized. toby plans to pay off each loan in monthly installments, starting from his graduation. what is the total lifetime cost for toby to pay off his 4 loans? round each loan's calculation to the nearest cent. a. $7,904.04 b. $31,616.16 c. $10,393.82 d. $36,490.25 please select the best answer from the choices provided a b c d
Mathematics
1 answer:
Mila [183]2 years ago
6 0

If he starts paying after four years, the worth of the loans by then is b. $31,616.16

<h3>What is a Loan?</h3>

This refers to the amount collected from a lender to be repaid after a given time, usually with added interest.

Hence, we can see that:

The effective monthly interest rate is:

i = 0.053/12 = 0.0044

The effective annual interest rate is:

i = (1 + 0.0044)^12 -1 = 0.0543

The present worth of all the loans is:

P = 6125 + 6125 (1 + 0.0543)^-1 + 6125 (1 + 0.0543)^-2 + 6125(1 + 0.0543)^-3

P = $22,671.40

If he pays them prompty, then the total lifetime cost would be

P = 22671.40 (1 + 0.0543)^4 = $31,616.16

Read more about loans here:

brainly.com/question/2363571

#SPJ4

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19.51% probability that none of them voted in the last election

Step-by-step explanation:

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Binomial probability distribution

The binomial probability is the probability of exactly x successes on n repeated trials, and X can only have two outcomes.

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In which C_{n,x} is the number of different combinations of x objects from a set of n elements, given by the following formula.

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And p is the probability of X happening.

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This means that p = 0.42

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This means that n = 3

What is the probability that none of them voted in the last election

This is P(X = 0).

P(X = x) = C_{n,x}.p^{x}.(1-p)^{n-x}

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