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ahrayia [7]
2 years ago
15

Need some math help

Mathematics
1 answer:
Blababa [14]2 years ago
3 0

Answer:

why do you need help if it gives you the value?

Step-by-step explanation:

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If two lines have the same slope, they are parallel. True or false
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True
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3 years ago
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You plan to borrow $36,500 at a 7.7% annual interest rate. The terms require you to amortize the loan with 7 equal end-of-year p
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The amount of interest you would be paying in Year 2 is: $2,492.62.

<h3>Interest</h3>

First step is to calculate the Equal Monthly Payment

Equal Monthly Payment=P×r×(1+r)^t/(1+r)^t-1

Where:

P=Principal=$36,500

r=Rate=7.7%

t=Time=7 years

Equal Monthly Payment=36,500×0.077×(1+0.077)^7÷(1+0.077)^7-1

Equal Monthly Payment=36,500×0.077×(1.077)^7÷(1.077)^7-1

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Equal Monthly Payment=4,723.82/0.6807763

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Second step is to calculate Year 1 Closing balance

Year 1 Closing balance  = Beginning  balance + Interest - EMI Payment

Year 1 Closing balance=  $36,500 +($36,500×7.7%) - $6,938.875

Year 1 Closing balance=  $36,500 + $2,810.5 -$6,938.875

Year 1 Closing balance =   $32,371.625

Third step is to calculate year 2 interest

Year 2 Interest= $32,371.625×7.7%

Year 2 Interest=$2,492.62

Therefore the amount of interest you would be paying in Year 2 is: $2,492.62.

Learn more about interest here:brainly.com/question/15259578

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