Lilly owes $52,000 in student loans for college. If the loan will be repaid in 5.5 years and the interest rate charged is 6.75%,
1 answer:
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Answer:
at the end of 1st year we pay $ 11756
at the end of 2nd year we pay $ 24217
at the end of 3rd year we pay $ 37426
at the end of 4th year we pay $ 51427
at the end of 5th year we pay $ 66269
at the end of 6th year we pay $ 82001
Step-by-step explanation:
Given data
rate ( i ) = 6%
Future payment = $82000
no of time period ( n ) = 6
to find out
size of all of 6 payments
solution
we know future payment formula i.e.
future payment = payment per period ( - 1 ) / rate
put all these value and get payment per period
payment per period = future payment × rate / ( - 1 ) / rate
payment per period = 82000 × 0.06 / ( - 1 ) / rate
payment per period = 82000 × 0.06 / 0.4185
payment per period = $ 11756.27
at the end of 1st year we pay $ 11756
and at the end of 2nd year we pay $ 11756 × ( 1 + 0.06) + 11756
and at the end of 2nd year we pay $ 24217
and at the end of 3rd year we pay $ 24217 × ( 1 + 0.06) + 11756
and at the end of 3rd year we pay $ 37426
and at the end of 4th year we pay $ 37426 × ( 1 + 0.06) + 11756
and at the end of 4th year we pay $ 51427
and at the end of 5th year we pay $ 51427 × ( 1 + 0.06) + 11756
and at the end of 5th year we pay $ 66269
and at the end of 6th year we pay $ 66269 × ( 1 + 0.06) + 11756
and at the end of 6th year we pay $ 82001
- - Solve:
- - Answer:
<span>17.391304 is your amount.
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- - Answer:
<span>17.391304 is your amount.
</span><span />
The point (3, -4) lie on the line y + 4 = 4(x - 3) because the point (3,-4) satisfy the line option (A) is correct.
<h3>What is a straight line?</h3>A straight line is a combination of endless points joined on both sides of the point.
The slope 'm' of any straight line is given by:
We have an equation of a line:
y + 4 = 4(x - 3)
A (3,-4)
Plug the above points in the equation of the line.
-4 + 4 = 4(3 -3)
0 = 0 (true)
The point lies on the line
Similarly checking for others points we will find that points (2,9), (0,0) , (1,-11), (1,11), and (-2, 3) does not lie on the line y + 4 = 4(x - 3)
Thus, the point (3, -4) lie on the line y + 4 = 4(x - 3) because the point (3,-4) satisfy the line option (A) is correct.
Learn more about the straight line here:
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