Jane takes out a loan for $100,000.00 over 10 years
1 answer:
<h2>Answer:</h2>
$1799.10
<h2>Step-by-step explanation:</h2>Each year, the amount of money in the account is increased by 8%. This is the same as multiplying by 1.08 each year.
For 10 years, you multiply the original $100,000 by 1.08 a total of 10 times.
This tends to be simplified to:
This gives $215892.4997.
This is paid back over 10 years, which is 10 x 12 months, or 120 months.
Divide the $215892.4997 by 120 to get the monthly payment of:
$1799.10 (round to 2 decimal places as it is a currency)
You might be interested in
Answer:
Mean = 3.4
Variance = 1.088
Standard deviation = 1.0431
Step-by-step explanation:
The mean of a binomial distribution with parameters N (the number of trials) and p (the probability of success for each trial) is
Thus,
The variance of the binomial distribution is , where
is the variance of the binomial distribution, so
The standard deviation is the square root of the variance
so