9514 1404 393
Answer:
- $137.90 more each month
- $246.00 less total interest
Step-by-step explanation:
The amortization formula is ...
A = P(r/12)/(1 -(1 +r/12)^(-12t))
for the monthly payment on principal P at annual rate r for t years. Here, we have P=3300, r = 0.14, and t=1, so the monthly payment is ...
A = $3300(0.14/12)/(1 -(1 +0.14/12)^-12) ≈ $296.30
The payment of $296.30 is ...
$295.30 -158.40 = $137.90 . . . more each month
The total amount paid is 12×$296.30 = $3555.60, so 255.60 in interest. This amount is ...
$501.60 -255.60 = $246.00 . . . less total interest
Answer:
5 over 5
Step-by-step explanation:
You can see that 20x 5 is needed to get the denominator of 100, so you need to multiply the top by 5 too, to get 85/100. Hope this helps.
Answer:
Therefore the amount in the 4% savings account = $550
Step-by-step explanation:
i) the total amount = $1500
ii) let the amount placed in the 4% interest savings account = x
iii) let the amount placed in the 5% interest savings account = y
iv) therefore fro i) we can say x + y = 1500
v) the total interest gained = $69.5
vi) therefore we can write 0.04x + 0.05y = 69.50
vii) multiplying equation vi) with 100 we get 4x + 5y = 6950
viii) Multiplying the equation in iv) by 5 we get 5x + 5y = 7500
ix) Subtracting equation in vii) from equation in viii) we get x = $550
x) Therefore the amount in the 4% savings account = $550
To solve this, we are going to use the recursive formula for a geometric sequence:

where

is the nth term of the geometric sequence.

is the first term of the geometric sequence.

is the common ratio

is the position of the term in the sequence.
We know that the starting salary is $42,000, so

. Now, to find the common ratio

, we need to find the next term in the sequence first:
We know from our problem that t<span>he company automatically gives a raise of 3% per year, so the next term in the sequence will be 42000 + 3%(42000) = 42000 + 1260 = 43260. Remember that the common ratio is the current term of the geometric sequence divided by the previous term of the sequence; we know that our current term is 43260 and the previous term is 42000, so:
</span>


<span>Now we can plug the values in our recursive formula:
</span>


We can conclude that the recursive definition for the geometric sequence formed by the salary increase is:
Answer:
6.5
Step-by-step explanation:
Change the divisor 2.5 to a whole number by moving the decimal point 1 places to the right. Then move the decimal point in the dividend the same, 1 places to the right.
We then have the equation:
25 into 162.5 equals 6.5
Calculated to 1 decimal places.