You have a mortgage of $125,600.00 at a 4.95% APR. You make a payment of $1500.00 each month. What is your principal Balance at
the beginning of the third month?
1 answer:
This sort of problem is most easily worked using a financial calcualtor or app. Attached is the result of using the financial app available on a TI-84 calculator for finding future value. The arguments to the function are ...
... N — number of payments: 3
... I — annual interest rate (%): 4.95
... PV — present value: the value of the loan, 125,600
... PMT — payment amount: -1500. The sign is negative because this is money we're paying out
... P/Y — payments per year: 12 (payment is monthly)
... C/Y — compounding per year: 12 (interest is compounded monthly)
After 3 payments, the balance is $122,642.13.
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Answer:
Question 2: Option B
Step-by-step explanation:
The number of ounces and the total price for yogurt cup A is not stated, therefore, I can not answer question 1 properly.
<h3>For question 2:</h3><h3 />
Unit rate formula for price is:
32 ounces of yogurt sell for 1.62.
So:
0.050625 ≈ 0.05
<em>Option B should be the best answer. </em>