1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
m_a_m_a [10]
3 years ago
8

What is the total finance charge for a $4,250 loan at 13.25% interest compounded monthly for 24 months

Mathematics
1 answer:
Viefleur [7K]3 years ago
6 0
First we need to calculate the monthly payment to repay the loan using the formula of the present value of an annuity ordinary which is
Pv=pmt [(1-(1+r/k)^(-n))÷(r/k)]
PV the amount of the loan 4250
PMT monthly payment?
R interest rate 0.1325
K compounded monthly 12
N time 24 months
Solve the formula for PMT to get
PMT=pv÷ [(1-(1+r/k)^(-n))÷(r/k)]
PMT=4,250÷((1−(1+0.1325÷12)^(−24))÷(0.1325÷12))=202.55

Now to find the total finance charge use the formula of
Total finance charge=monthly payment×number of months-the amount of the loan
Total finance charge=
202.55×24−4,250=611.2

So the answer is 611.2

Hope it helps!

You might be interested in
Rewrite 4 1/2=2 <br> please
Luda [366]

The logarithmic expression of 4^(1/2) = 2 is \log_4(2) = \frac 12

<h3>How to rewrite the expression?</h3>

The expression is given as:

4^(1/2) = 2

Take the logarithm of both sides

log(4^(1/2)) = log(2)

Apply the change of base rule

1/2log(4) = log(2)

Divide both sides by log(4)

1/2 = log(2)/log(4)

Change the base

\frac 12 =\log_4(2)

Rewrite as:

\log_4(2) = \frac 12

Hence, the logarithmic expression of 4^(1/2) = 2 is \log_4(2) = \frac 12

Read more about logarithmic expression at:

brainly.com/question/24211708

#SPJ1

8 0
3 years ago
Rob cuts a 15 foot wire into eight equal pieces about how long is each piece
lord [1]
15 divided by 8, you get 1 and 7/8
3 0
3 years ago
(A) Write an expression for a number that is five <br> times greater than two
vovangra [49]
5x+2 because you have to multiply 5 by x and then add two
4 0
4 years ago
Selan will use dot plots to compare the number of siblings of her classmates. If she plots the girls siblings in one plot and th
klio [65]

Answer:

They will have values in common

Step-by-step explanation:

3 0
3 years ago
Read 2 more answers
Drew is running to raise awareness and money for cancer. He finds 2 people who have pledged to donate money based on the distanc
Vaselesa [24]
$0.25 • 20 = 5•20 = 100 every 40 runs then subtract 18 from 100 and the total would be 82 in total. I hope this helped:)
7 0
4 years ago
Other questions:
  • Which box-and-whisker plot is the correct drawing for the following data? 38, 29, 23, 23, 34, 25, 36, 35, 20, 17, 24, 25, 27, 20
    10·1 answer
  • What’s the formula for the area of a triangle
    12·1 answer
  • Can u help me with this full sheet of work
    7·2 answers
  • What is the sum of 3/4 and 18/19 ??
    10·2 answers
  • What is 517 divided by 328091
    12·1 answer
  • Which snows the decimals 43.6,41.92and 43.71 greatest to least?
    11·2 answers
  • Special right triangle! PLEASE HELP!
    15·1 answer
  • What is x? -2.5x- 2=18​
    14·1 answer
  • Helpppppp plsss i will award brainliest;)
    15·2 answers
  • a rectangular package to be sent by a postal service can have a maximum combined length and girth (perimeter of a cross section)
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!