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Natali [406]
1 year ago
10

A bank charges 12% Simple interest p.a on cash loans to its clients.tito has asked for R10000loan amount and has promised to rep

ay the the loan over 4years
Calculate the interest which Tito has to pay on loan ?


Determine the total amount to be paid back



Determine the monthly repayment amount
Mathematics
1 answer:
FromTheMoon [43]1 year ago
3 0

If Tito took a loan of $10000 from a bank to be repaid within 4 years, at 12% Simple interest per annum, then, he will have to pay overall $4800 as interest to the bank over 4 years and a total payment of $14800 at the end of the 4th year to repay and close off the loan.

As per the question statement, a bank charges 12% Simple interest per annum on cash loans to its clients and Tito took a loan of $10000 from the same bank to be repaid within 4 years.

We are required to calculate the overall interest Tito has to pay to bank if he repays and closes the loan at the end of 4th year, and also to calculate the total payment required to repay and close off the loan at the end of the 4th year.

To solve this question, we need to know the formula to calculate the interest amount in case of simple interest which goes as

Interest (I) =(\frac{P*R*T}{100} )

where, "P" = Principle amount of Loan,

"R" = Rate of simple interest charged on the principle per annum, and

"T" = Time period within which, the loan is to be repaid.

Here, (P = 10000), (R = 12%) and (T = 4). Then, the overall interest Tito will have to pay at the end of 4th year  = (\frac{10000*12*4}{100}) = (100*12*4)=(48*100)=4800

And total amount to be paid to repay and close of the loan at the end of 4th year will be = $[4800 + 10000] = $14800.

  • Simple interest: As the name itself suggests, "Simple" interest refers to the straightforward crediting of cash flows associated with some investment or deposit.

To learn more about Simple Interest, click on the link below.

brainly.com/question/25845758

#SPJ9

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An urn contains three white balls and two red balls. The balls are drawn from the urn, oneat a time without replacement, until a
Tpy6a [65]

Answer:

p ( X = 1 ) = 0.6 , p ( X = 2 ) = 0.3 , p ( X = 3 ) = 0.1

Verified

E ( X ) = 1.5

Step-by-step explanation:

Solution:-

- An urn contains the following colored balls:

                       Color                  Number of balls

                       White                            3

                       Red                               2

- A ball is drawn from urn without replacement until a white ball is drawn for the first time.

- We will construct cases to determine the distribution of the random-variable X: The number of trials it takes to get the first white ball.

- We have three following case:

1) White ball is drawn on the first attempt ( X =  1 ). The probability of drawing a white ball in the first trial would be:

              p ( X = 1 ) = ( Number of white balls ) / ( Total number of ball )

              p ( X = 1 ) = ( 3 ) / ( 5 )

2) A red ball is drawn on the first draw and a white ball is drawn on the second trial ( X = 2 ). The probability of drawing a red ball first would be:

      p ( Red on first trial ) = ( Number of red balls ) / ( Total number of balls )

      p ( Red on first trial ) = ( 2 ) / ( 5 )

- Then draw a white ball from a total of 4 balls left in the urn ( remember without replacement ).

   p ( White on second trial ) = ( Number of white balls ) / ( number of balls left )

   p ( White on second trial ) = ( 3 ) / ( 4 )

- Then to draw red on first trial and white ball on second trial we can express:

                p ( X = 2 ) =  p ( Red on first trial ) *  p ( White on second trial )

                p ( X = 2 ) =  ( 2 / 5 ) * ( 3 / 4 )

                p ( X = 2 ) =  ( 3 / 10 )  

3) A red ball is drawn on the first draw and second draw and then a white ball is drawn on the third trial ( X = 3 ). The probability of drawing a red ball first would be ( 2 / 5 ). Then we are left with 4 balls in the urn, we again draw a red ball:

   p ( Red on second trial ) = ( Number of red balls ) / ( number of balls left )

   p ( Red on second trial ) = ( 1 ) / ( 4 )    

 

- Then draw a white ball from a total of 3 balls left in the urn ( remember without replacement ).                  

   p ( White on 3rd trial ) = ( Number of white balls ) / ( number of balls left )

   p ( White on 3rd trial ) = ( 3 ) / ( 3 ) = 1

- Then to draw red on first two trials and white ball on third trial we can express:

                p ( X = 3 ) =  p ( Red on 1st trial )*p ( Red on 2nd trial )*p ( White on 3rd trial )

                p ( X = 3 ) =  ( 2 / 5 ) * ( 1 / 4 ) * 1

                p ( X = 3 ) =  ( 1 / 10 )  

- The probability distribution of X is as follows:

    X          1                  2                      3

p ( X )      0.6               0.3                  0.1

- To verify the above the distribution. We will sum all the probabilities for all outcomes ( X = 1 , 2 , 3 ) must be equal to 1.

          ∑ p ( Xi ) = 0.6 + 0.3 + 0.1

                         = 1 ( proven it is indeed a pmf )

- The expected value E ( X ) of the distribution i.e the expected number of trials until we draw a white ball for the first time:

               E ( X ) = ∑ [ p ( Xi ) * Xi  ]

               E ( X ) = ( 1 ) * ( 0.6 ) + ( 2 ) * ( 0.3 ) + ( 3 ) * ( 0.1 )

               E ( X ) = 0.6 + 0.6 + 0.3

               E ( X ) = 1.5 trials until first white ball is drawn.

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Grace earned £22,000 last year.
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Answer:

13.09 pounds, 13,10 pounds if you have to round, which is not clear (result is 13.095).

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Which is the product of 3.5 and 10?
Lilit [14]

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8 0
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Write an expression!!! Answer needed ASAP!! Pls only answer if you know how to do it and if u know the answer. Will mark brainli
pogonyaev

Answer:

-10 ÷ -2/5

Step-by-step explanation:

-10  ÷ -2/5 is the same as -10 · -5/2 = 50/2 or 25

8 0
3 years ago
A simple random sample of size equals 49 is obtained from a population with mu equals 88 and sigma equals 14. ​(a) Describe the
Gnoma [55]

Answer:

a) \bar X \sim N(88,\frac{14}{\sqrt{49}}=2)  

b) P(\bar X >91.2)=1-P(\bar X

Step-by-step explanation:

Normal distribution, is a "probability distribution that is symmetric about the mean, showing that data near the mean are more frequent in occurrence than data far from the mean".  

The Z-score is "a numerical measurement used in statistics of a value's relationship to the mean (average) of a group of values, measured in terms of standard deviations from the mean".

The central limit theorem states that "if we have a population with mean μ and standard deviation σ and take sufficiently large random samples from the population with replacement, then the distribution of the sample means will be approximately normally distributed. This will hold true regardless of whether the source population is normal or skewed, provided the sample size is sufficiently large".

The complement rule is a theorem that provides a connection between the probability of an event and the probability of the complement of the event. Lat A the event of interest and A' the complement. The rule is defined by: P(A)+P(A') =1

Let X the random variable that represent the variable of interest on this case, and for this case we know the distribution for X is given by:  

X \sim N(\mu=88,\sigma=14)  

And let \bar X represent the sample mean, by the central limit theorem, the distribution for the sample mean is given by:  

\bar X \sim N(\mu,\frac{\sigma}{\sqrt{n}})  

​(a) Describe the sampling distribution of x overbar.

\bar X \sim N(88,\frac{14}{\sqrt{49}}=2)  

(b) What is Upper P (x overbar greater than 91.2 )​

First we can to find the z score for the value of 91.2. And in order to do this we need to apply the formula for the z score given by:

z=\frac{x-\mu}{\frac{\sigma}{\sqrt{n}}}  

If we apply this formula to our probability we got this:  

z=\frac{91.2-88}{\frac{14}{\sqrt{49}}}=1.6

And we want to find this probability:

P(\bar X >91.2)=1-P(\bar X

On this last step we use the complement rule.

3 0
3 years ago
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