The fifteenth customer will be the first because 5x3=15
The Present value of an annuity is given by PV = P(1 - (1 + r/t)^-nt)/(r/t)
where: P is the monthly payment, r is the annual rate = 7% = 0.07, t is the number of periods in one year = 12 and n is the number of years = 3.
18,000 - 6,098 = P(1 - (1 + 0.07/12)^-(3 x 12)) / (0.07/12)
11,902 = P(1 - (1 + 0.07/12)^-36) / (0.07/12)
P = 0.07(11,902) / 12(1 - (1 + 0.07/12)^-36) = 367.50
Therefore, monthly payment = $367.50
Answer:
The answer is 30. 9 divided by 0.3 is 30.
The first thing we are going to do for this case is to define the following variable:
x = number of trees.
We then have that the equation that represents the problem is given by:
y = 50 (x-1) + 20
Rewriting:
y = 50x - 50 + 20
y = 50x - 30
Substituting for y = 390 we have:
390 = 50x - 30
We clear x:
x = (390 + 30) / (50)
x = 8.4
nearest whole integer
x = 8
Answer:
will be planted along one block about 8 trees.
