Donald earns $4,500 per month. He wants to set aside 5% of his income for emergencies and 10% for saving. How much should he set
2 answers:
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Answer:
The last graph
Step-by-step explanation:
The problem presented here is similar to a compound interest problem since we have an initial value, a growth constant and the aspect of time.
We can consider the number of television sets currently produced by the company to be our Principal amount;
P = 2000
The rate of increase in production per month can be considered as our interest rate earned;
r = 25% = 0.25
The total number of television sets y will be our Accumulated amount;
A = y
The duration x becomes our time n.
The compound interest formula is given as;
We simply substitute the given information into the formula;
This is an exponential growth function since the base of the exponent x is greater than 1.
A graph of the function will be an exponential curve passing through ( 0, 2000) since 2000 is our initial value
Answer:
$711.23
Step-by-step explanation:
We assume the entire closing cost went to reducing the principal of the loan. Then the amount borrowed was $147,192.
<h3>Monthly payment</h3>The amortization formula tells you the monthly payment.
A = P(r/12)/(1 -(1 +r/12)^(-12t))
P is the principal, r is the annual rate, and t is the number of years.
The monthly payment is ...
A = $147,192(0.041/12)/(1 -(1 +0.041/12)^-360) ≈ $711.23
Jeff's monthly payment is $711.23.
