1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Lady bird [3.3K]
3 years ago
12

Charlie cannot remember how much he financed to buy his car. He does remember that his monthly payment is $200. His add-on inter

est rate was 9% and he made a total of 30 payments. Find the amount of his loan to the nearest penny.
Mathematics
1 answer:
Mazyrski [523]3 years ago
5 0
First find the total payments
Total paid
200×30=6,000 (this is the future value)

Second use the formula of the future value of annuity ordinary to find the monthly payment.
The formula is
Fv=pmt [(1+r/k)^(n)-1)÷(r/k)]
We need to solve for pmt
PMT=Fv÷[(1+r/k)^(n)-1)÷(r/k)]
PMT monthly payment?
Fv future value 6000
R interest rate 0.09
K compounded monthly 12
N=kt=12×(30months/12months)=30
PMT=6000÷(((1+0.09÷12)^(30)
−1)÷(0.09÷12))
=179.09 (this is the monthly payment)

Now use the formula of the present value of annuity ordinary to find the amount of his loan.
The formula is
Pv=pmt [(1-(1+r/k)^(-n))÷(r/k)]
Pv present value or the amount of his loan?
PMT monthly payment 179.09
R interest rate 0.09
N 30
K compounded monthly 12
Pv=179.09×((1−(1+0.09÷12)^(
−30))÷(0.09÷12))
=4,795.15

The answer is 4795.15
You might be interested in
Problem 2 Example 2: Bruno spends $23 at the arcade. He purchased two drinks and spent $17 on games. What was the cost of each d
stiks02 [169]

Answer:

$3

Step-by-step explanation:

23-17=6

6/2=3

To check:

6+17=23

3 0
3 years ago
Read 2 more answers
Hiiiooo! Can someone please help me if you can’t see the picture I will gladly explain it in the comments!
Neporo4naja [7]

Answer:

b

Step-by-step explanation:

6 0
3 years ago
What is the answer to 15/4 + (-41/3)
Tom [10]

use the app called "photo math" will give you your answers i would but the pic is too blurry

5 0
3 years ago
3. Bradley cut a square hole out of a block of wood in wood shop. If the block was cube-shaped
tangare [24]

Answer:

it would be 40 inche and there be not that much for the hole to left

4 0
3 years ago
Read 2 more answers
What is the maximum volume of a square pyramid that can fit inside a cube with a side length of 18 cm?
Ira Lisetskai [31]
Part 1) <span>What is the maximum volume of a square pyramid that can fit inside a cube with a side length of 18 cm?

we know that
[volume of a square pyramid]=(1/3)*b</span>²*h
where 
b is the length side of the square base-----> 18 cm (is equal to the length side of cube)
h is the height---------> 18 cm (is equal to the length side of cube)
[volume of a square pyramid]=(1/3)*18²*18----> 1944 cm³

the answer Part 1)  is
c. 1,944 cm³

Part 2) <span>Find the volume of the cylinder in terms of Pie. The diagrams are not drawn to scale.
</span>
volume of a cylinder=pi*r²*h
for r=2.2 m
h=12 m
volume of a cylinder=pi*2.2²*12-----> volume=58.08*pi m³

the answer Part 2) is 
58.08*pi m³

4 0
3 years ago
Other questions:
  • Mr. Franklin asked each of his 30 students to
    8·2 answers
  • If the weight of a package is 3/10 the result is 7.2 pounds. find the weight of the package
    14·1 answer
  • Which is another way to write 9 tens 3 ones
    6·2 answers
  • Note: Figure is not drawn to scale.<br><br> If m2 = 18°, what is m1?
    5·1 answer
  • Help anyone? Might be difficult . I will give you the brainiest if correct
    6·2 answers
  • What is the mechanical advantage of the screw shown below?
    8·1 answer
  • 0.3x = 39 what is the value of x? (Use only the digits 0 - 9 and the decimal point, if needed, to write the number)
    6·1 answer
  • Pls help for brainlist
    13·2 answers
  • What is the value of <br> this expression? [2x(3x5)+6]x4
    10·2 answers
  • Makayla wants to spend no more than $50 to celebrate her birthday with her four friends. Each box of her favorite pizza costs $7
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!