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3 years ago

How is a finance charge calculated

Mathematics

1 answer:

GuDViN [60]3 years ago

6 0

Answer:

option A. Multiply the unpaid balance by the monthly interest rate

Step-by-step explanation:

Finance charges are the monthly service fee charged by lender on the credit used by borrower if they wish to skip the payment of monthly bill and carry forward it to next month.

So, we can calculate finance charges as monthly interest accrued on the unpaid balance.

Finance charges = Unpaid balance x Monthly interest rate.

Hence, option A is correct, i.e. Multiply the unpaid balance by the monthly interest rate.

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Sonya took out a mortgage of $65,000 at 7% for 25 years. What is the cost of the mortgage?

Vika [28.1K]

The cost of the mortgage is $81250

<h3>What are interests?</h3>

Interests are percentages of a principal

Given the following parameters

Principal = $65000

Rate = 7% = 0.07
Time = 5 years

<h3>Calculate the interest</h3>

I = PRT/100
I = 65000*0.07*25
I = 16,250

<h3>Determine the cost of the mortgage</h3>

Cost of mortgage = Principal + Interest

Cost of mortgage = 65000 + 16250
Cost of mortgage = 81,250

Hence the cost of the mortgage is $81250

Learn more on mortgage here: brainly.com/question/22846480

5 0

2 years ago

Read 2 more answers

The sides of a quadrilateral are x,x+3,x+4,x+5. it’s perimeter is 52, find the lengths of the sides

wariber [46]

Answer: 10 , 13 , 14 , 15

Step-by-step explanation:

To find the perimeter of a quadrilateral , we will add all its side , that is

Perimeter = x + x + 3 + x + 4 + x + 5

That is

52 = x + x + 3 + x + 4 + x + 5

52 = 4x + 12

subtract 12 from both sides

40 = 4x

divide through by 4

x = 10

therefore , the lengths of the sides are

10 , 10+3 , 10 + 4 , 10 + 5 , that is

10 , 13 , 14 , 15

4 0

3 years ago

An author receives a contract from a publisher, according to which she is to be paid a fixed sum of $20,000 plus $3.50 for each

Schach [20]

Answer:

The mean of the total payments she will receive is $79,500.

The standard deviation of the total payments she will receive is $14,000.

Step-by-step explanation:

Given : An author receives a contract from a publisher, according to which she is to be paid a fixed sum of $20,000 plus $3.50 for each copy of her book sold. The author judges that her uncertainty about total sales of the book can be represented by a random variable with a mean of 17,000 and a standard deviation of 4,000 books.

To find : The mean and standard deviation of the total payments she will receive ?

Solution :

Let 'x' represent total sales of the book.

Let 'y' represent the payment to the author.

According to question,

The mean of the total payments she will receive is given by,

$\mu_y=20,000+3.50\mu_x$

Where, $\mu_x=17,000$

Substitute in the equation,

$\mu_y=20000+3.50\times 17000$

$\mu_y=20000+59500$

$\mu_y=79500$

The mean of the total payments she will receive is $79,500.

The standard deviation of the total payments she will receive is given by,

$\sigma_y=|3.50|\sigma_x$

Where, $\sigma_x=4,000$

Substitute in the equation,

$\sigma_y=|3.50|\times 4000$

$\sigma_y=14000$

The standard deviation of the total payments she will receive is $14,000.

7 0

2 years ago

The length of the segment indicated round your answer to the nearest 10th if nessesary

exis [7]

Pythagorean Theorem
x^2 = 15.7^2 -7.8^2
x^2 = <span> <span> <span> 185.65 </span> </span> </span>
x = <span> <span> <span> 13.6253440324 </span> </span> </span>
Answer is C

3 0

3 years ago

What is the measure of _M?

grandymaker [24]

Answer: I think I cn help bt nt sure

Step-by-step explanation:

X° + 52° + 78° = 180°

X° + 130° = 180°

X° + 130° - 130° = 180° - 130 °

X° = 50°

M is <50°

3 0

2 years ago