Yes. Their sum can be equal to 1 because if they have the same denominator they will add easier like 3/4 and 1/4 or 1/2 and 1/2. All of them have the same denominator and still equal 1
Present value of annuity PV = P(1 - (1 + r/t)^-nt) / (r/t)
where: p is the monthly payment, r is the APR = 14.12% = 0.1412, t is the number of payments in one year = 12, n is the number of years = 2.
1,120.87 = P(1 - (1 + 0.1412/12)^(-2 x 12)) / (0.1412 / 12)
0.1412(1120.87) = 12P(1 - (1 + 0.1412/12)^-24)
P = 0.1412(1120.87) / 12(1 - (1 + 0.1412/12)^-24) = $53.88
Minimum monthly payment = 3.15% of 1120.87(1 + 0.1412/12) = 0.0315 x 1120.87(1 + 0.1412/12) = $35.72
Therefore, his first payment will be greater than the minimum payment by 53.88 - 35.72 = $18.16
Answer:
60% increase
Step-by-step explanation:
Work out the difference increase between the two numbers you are comparing.Then you increase the new number by the original number. Next you divide the increase by the original number and multiply the answer by 100. Finally divide the increase number and the original number then multiply by 100. That will give you your answer.
Answer:
1?
Step-by-step explanation:
