Answer:
Victor's equation did not correctly model the problem.
The equation that correctly modeled the problem:
$129.85-$89.25=$40.60
Step-by-step explanation:
The amount required for bicycle purchase by Victor is $129.85 out of which $89.25 has been saved,in other words,the balance required for Victor to reach his target purchase price is the difference between the total cost of $129.85 and the $89.25 already saved.
The balance required=$129.85-$89.25=$40.6
This shows that the equation put forward by Victor is wrong.
An equation that correctly represents the problem is the difference between the target savings and the amount already saved as stated above
Answer:(15+6)÷3
Step-by-step explanation:
You add 15 and 6 to get the total, the divide by 3 to see how much each person pays.
Answer:
$11,130.47
Step-by-step explanation:
The amortization formula can be used. It tells you the monthly payment amount A for some principal P, interest rate r, and n payments.
A = P(r/12)/(1 -(1 +r/12)^(-n))
Filling in your values, we get ...
200 = P(.03/12)/(1 -(1 +.03/12)^-60) = P(.0025)/(1 -1.0025^-60)
P = 200(1 -1.0025^-60)/.0025 ≈ 200×55.6523577
P ≈ 11,130.47
The present value of the loan is $11,130.47.
