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11111nata11111 [884]
3 years ago
10

Jay Field’s bank granted him a single-payment loan of $6,800. He wanted to compare repaying the loan in 91 days at an ordinary i

nterest rate of 4.25% to repaying the loan in 91 days at an exact interest rate of 4.23%. Which interest rate is a better deal for Jay? How much does he save?
Mathematics
2 answers:
Aleksandr-060686 [28]3 years ago
8 0

Answer:

Amount of loan = $6800

Time period = 91 days

When interest rate is 4.25%

Amount = 6800\times(1+\frac{4.25}{12\times 100})^{12\times\frac{91}{30\times 12}}\\\\Amount=\$6873.32

When interest rate is 4.23%

Amount = 6800\times(1+\frac{4.23}{12\times 100})^{12\times\frac{91}{30\times 12}}\\\\Amount=\$6872.96

So, the amount paid with 4.23% interest rate is less

Hence, 4.23% interest rate is a better deal for Jay.

Amount saved = 6873.32 - 6872.96

                          = $0.36

ArbitrLikvidat [17]3 years ago
6 0
I don't know if you still need help with this, but the answer is exact interest and he saves $1.34.
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Answer:

The complete list of factors for 805 are 1, 5, 7, 23, 35, 115, 161, and 805.

Step-by-step explanation:

A factor pair is a combination of two factors which can be multiplied together to equal 805. In proper math terms, the number 805 is called the product and the two numbers that can be multiplied together to equal it are called the factors.

In order to work out the factor pairs of 805 we need to first get all of the factors of 805. Once you have the list of all those factors we can pair them together to list out all of the factor pairs.

The complete list of factors for 805 are 1, 5, 7, 23, 35, 115, 161, and 805.

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Step-by-step explanation:

Since f is an exponential function.

So, it is expressed as

f = p(1 + r)^

Here f is the present value

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(a) b represents the 1-unit growth factor for f.

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(b) c represents the n n-unit growth factor for f.

c= p(1 + r)^n

(c) d represents the m m-unit growth factor for f.

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Since

b=p(1+r)^1\\\\So,\\\\b=p(1+r)^{n\times \frac{1}{n}}\\\\b=(p(1+r)^n)^{\frac{1}{n}}\\\\b=c^{\frac{1}{n}}\\\\b^n=c

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<h3>What are the types of probability distributions ?</h3>

Discrete and continuous probability distributions are the two main categories in which probability distributions fall. There are numerous varieties of probability distributions within each category.

  • The number of favorable outcomes of an event divided by the total number of possible outcomes of an event can be used to calculate the probability of an event.
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