He actually borrowed P=21349-3000=18349 (present value)
Assume the monthly interest is i.
then future value due to loan:
F1=P(1+i)^n=18349(1+i)^(5*12)=18349(1+i)^60
future value from monthly payment of A=352
F2=A((1+i)^n-1)/i=352((1+i)^60-1)/i
Since F1=F2 for the same loan, we have
18349(1+i)^60=352((1+i)^60-1)/i
Simplify notation by defining R=1+i, then
18349(R^60)-352(R^60-1)/(R-1)=0
Simplify further by multiplication by (R-1)
f(R)=18349*R^60*(R-1)-352(R^60-1)=0
Solve for R by trial and error, or by iteration to get R=1.004732
The APR is therefore
12*(1.004732-1)=0.056784, or 5.678% approx.
Answer: The answer is $44,496. I got it right on the test. Sorry that I was late...
Step-by-step explanation:
:)
3/10 + 17/100
first make the 10 of the 3/10 turn into a 100 so it will make the 100 of the 17/100.
to make 10 turn into a 100 you multiply it by 10. if you're going to multiply the bottom number by 10 then you have to do the same thing with the top number:
3/10 * 10/10
3*10=30
10*10=100
new equation:
30/100 + 17/100
now just add the top numbers and leave the 100's alone:
<span>30/100 + 17/100
</span>30+17=47
<span>30/100 + 17/100 = 47/100</span>
Answer:
Step-by-step explanation:
Time taken to drive to work = 1 hr
Time taken to drive home = 1 hr
Time taken to drive from home to work and back home again ( IN ONE DAY)
=1 + 1 = 2hrs
So time taken for driving to and from work for 5 days = 2hrs × 5 days = 10 hrs .
