Answer: I think 13
Step-by-step explanation:
![\bf \qquad \qquad \textit{Future Value of an ordinary annuity} \\\\ A=pymnt\left[ \cfrac{\left( 1+\frac{r}{n} \right)^{nt}-1}{\frac{r}{n}} \right]](https://tex.z-dn.net/?f=%5Cbf%20%5Cqquad%20%5Cqquad%20%5Ctextit%7BFuture%20Value%20of%20an%20ordinary%20annuity%7D%0A%5C%5C%5C%5C%0AA%3Dpymnt%5Cleft%5B%20%5Ccfrac%7B%5Cleft%28%201%2B%5Cfrac%7Br%7D%7Bn%7D%20%5Cright%29%5E%7Bnt%7D-1%7D%7B%5Cfrac%7Br%7D%7Bn%7D%7D%20%5Cright%5D)
![\bf A=5280\left[ \cfrac{\left( 1+\frac{0.06}{1} \right)^{1\cdot 4}-1}{\frac{0.06}{1}} \right]](https://tex.z-dn.net/?f=%5Cbf%20A%3D5280%5Cleft%5B%20%5Ccfrac%7B%5Cleft%28%201%2B%5Cfrac%7B0.06%7D%7B1%7D%20%5Cright%29%5E%7B1%5Ccdot%20%204%7D-1%7D%7B%5Cfrac%7B0.06%7D%7B1%7D%7D%20%5Cright%5D)
Joe is making $485 payments monthly, but the amount gets interest on a yearly basis, not monthly, so the amount that yields interest is 485*12
also, keep in mind, we're assuming is compound interest, as opposed to simple interest
Answer:
Step-by-step explanation:
We would apply the simple interest formula which is expressed as
I = PRT/100
Where
P = principal or amount borrowed
T = time in years
R = interest rate on amount borrowed.
I = interest paid.
From the given information,
Principal = $3000
T = 3 months = 3/12 = 0.25 years
R = 6 1/2 % = 6.5%
Therefore,
a) the amount that the woman pay for the use of the money is I
I = (3000 × 6.5 × 0.25)/100 = 48.75
b) The amount she repaid to the bank on the due date of the note would be
Principal + interest
= 3000 + 48.75 = $3048.75
3/4 in = 6 mi
? In = 32 miles
32 * 0.74 / 6 = 4 in
The distance apart is 4 in
