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Licemer1 [7]
4 years ago
15

Tamora just made the last of her monthly payments on her loan. She had been making these payments for the past nine years. The l

oan had a principal of $10,675 and an interest rate of 4.75%, compounded monthly. In addition, Tamora paid $939.25 in service charges. What was Tamora’s total finance charge? Round all dollar values to the nearest cent.
a.
$939.25
b.
$11,614.25
c.
$3,403.53
d.
$2,464.28
Mathematics
2 answers:
Jobisdone [24]4 years ago
6 0
<span>principal = 10,675
interest rate = 4.75% per year compounded monthly.
additional $939.25 was paid in service charges.

Annuity Payment PV
10,675 * (4.75%/12) </span>÷ [1 - (1+ 4.75%/12)^-12*9] 
<span>10,675 * 0.00396 </span>÷ [1 - (1.00396)^-108]
<span>42.273 </span>÷ (1 -  0.655) 
42.273 ÷ 0.345 = 122.53

122.53 * 108 = 13,233.24   interest and principal

13,233.24 + 939.25 - 10,675 = 3,497.49  

The answer is closer to Choice C. The minimal difference in amount is due to the rounding off of decimal places.
Law Incorporation [45]4 years ago
4 0
Answer : $3403.53

Detailed Solution: 
<span>principal was 10,675
interest rate was 4.75% per year compounded annually.
additional $939.25 was paid in service charges.
payment on the principal plus interest is shown below: 

pv = 10675
i = .0475/12 = .0039583333... per month.
n = 9 * 12 = 108 months.
fv = 0
pmt = 121.6635... per month
total finance charge would be (108 * 121.6635... + 939.25 - 10675).
that equals to 13139.66 + 939.25 - 10675 = 3403.91 
</span>
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5x-2y=-6 3x-4y = -26​
snow_tiger [21]

For this case we must solve the following system of equations:

5x-2y = -6\\3x-4y = -26

We multiply the first equation by -2:

-10x + 4y = 12

We add the new equation with the second one:

-10x + 3x + 4y-4y = 12-26

We have different signs subtracted and the sign of the major is placed:

-7x = -14\\x = \frac {-14} {- 7}\\x = 2

Now we find the value of the variable "y":

3x-4y = -26\\3 (2) -4y = -26\\6-4y = -26\\-4y = -26-6\\-4y = -32\\y = \frac {-32} {- 4}\\y = 8

Thus, the solution of the system is given by:

(x, y) :( 2,8)

Answer:

(x, y) :( 2,8)

3 0
4 years ago
The population of a city in 2005 was 18,000. By 2010, the city’s population had grown to 45,000. If the population growth follow
olga_2 [115]
First find the rate of growth
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R=20%
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5 0
4 years ago
Three friends decide that they each want to be able to buy a new bike in four years.
gayaneshka [121]

Answer:

Last choice

D. Iliana will have $580.00, the most money for the bike.  

Step-by-step explanation:

I took the test and made sure that it's right.

4 0
3 years ago
Read 2 more answers
Work out the formula of the nth term in the following quadratic sequence:<br> 19, 15, 9, 1...
Butoxors [25]

In a quadratic sequence we'll get a linear first difference and a constant second difference.  Let's verify that.

n          1   2   3   4

f(n)       19  15  9   1

1st diff   -4  -6  -8

2nd diff     2   2

We see that we got a constant second difference.  We could just extend that and work back up to get more values.

n          1   2   3   4       5    6      7

f(n)       19  15  9   1      -9   -21   -35

1st diff   -4  -6  -8   -10  -12   -14

2nd diff     2   2    2     2    2

That's just an aside; we're after the general formula.  We have

f(1)=19, f(2)=15, f(3)=9

In general we can assume

f(n) = an²  + bn + c

We get three equations in three unknowns,

19 = a(1²)+b(1)+c = a+b+c

15 = a(2²) + b(2) + c = 4a + 2b + c

9 = a(3²) + b(3) + c =  9a + 3b + c

That's a 3x3 linear system; it's easy to solve directly.  Subtracting pairs,

4 = -3a - b

6 = -5a - b

Subtracting those,

-2 = 2a

a = -1

b = -3a -4 = -1

c = 19-a-b = 21

Answer: f(n) = -n² - n + 21

Check:

f(1) = -1 - 1 + 21 = 19, good

f(2) = -4 - 2 + 21 = 15, good

f(3) = -9 - 3 + 21 = 9, good

f(4) = -16 - 4 + 21 = 1, good

Let's check our extended table, how about

f(7)= -49 - 7 + 21 = -35, good

6 0
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Answer:

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Step-by-step explanation:

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