Using simple interest, it is found that:
- The <u>finance charge</u> is of $1,752.
The amount of money after <u>t years </u>in <u>simple interest</u> is modeled by:
In which:
- A(0) is the initial amount.
- r is the interest rate, as a decimal.
In this problem, there is a down payment of $3,000 plus 48 monthly payments of $224, hence, the total amount paid is:
Cash price of $12,000, paid $13,752, hence the finance charge is:
To find the APR, we have that:
- 48 months, hence 4 years, that is .
- Cash price of $12,000, thus the principal is .
- Then, we have to solve the equation for r.
To the nearest half percent, the APR is of 3.5%.
A similar problem is given at brainly.com/question/13176347
Answer:
Step-by-step explanation:
Using annuity, each sisters saving can be calculated.
Annuity formula:
Fv = PMT (( 1 + i)^n - 1) / i
where Fv is the future value (amount), PMT is the periodic payment ( $2000),
i is the rate per period ( 7%) and n is the number of payments.
Using the above formula to calculate each sister savings after their respective years of savings
Jane ( between 25 - 35, with n = 10 years)
Fv = 2000 (( 1 + 0.07)^10 - 1 ) / 0.07 = $ 27634.3
Joan ( between 35 - 65, with n = 30 years)
Fv = 2000((1 + 0.07)^30 - 1) / 0.07 = $ 188914
Joan actually have invested more since over 30 years she has invested $60000 while Jane on the other hand invested for 10 years which equals $20000 and Joan has more money after retirement. Going by the result it will make sense for Jane to emulate Joan or increase her number of years of saving in other to improve her retirement saving significantly close to Joan or even more.
Answer:
63
Step-by-step explanation:
if 2 inches = 7 feet and the model plane is 1.5 feet, and that is 18 inches 18/2*7=63
1 inch is =12.
Answer: ?
Step-by-step explanation:
US $1.00 = TT$ 6.80, convent TT$1020.00 to US$
Answer: 4.86
Step-by-step explanation: 2.75+.75 = 3.5 1 for the cookies 4.5*0.08 = 0.36
4.5+.36 = 4.86.