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
Artyom0805 [142]
3 years ago
7

To pay for your​ education, you've taken out ​$29,000 in student loans. If you make monthly payments over 10 years at 7 percent

compounded​ monthly, how much are your monthly student loan​ payments?
Business
1 answer:
Scrat [10]3 years ago
7 0

Answer:

$169.07

Explanation:

Data provided in the question:

Loan amount = $29,000

Time  = 10 years

Interest rate = 7% compounded monthly

Therefore,

Interest rate per period, r = 7% ÷ 12 = 0.583% = 0.00583

number of periods, n = 10 × 12 = 120 months

Now,

Loan amount = Monthly payments × [ { 1 - (1 + r )⁻ⁿ } ÷ r]

on substituting the respective values, we get

$29,000 = Monthly payments × [ { 1 - (1 + 0.00583 )⁻¹²⁰ } ÷ 0.00583]

or

$29,000 = Monthly payments × 171.53

or

Monthly payments = $169.07

You might be interested in
Find the present value that will grow to $45,000 if interest is 3.6% compounded monthly for 1 year.
Vaselesa [24]

Answer:

43,411.15

Explanation:

The formula for compound interest is

A = P(1 +I) ^n

From the question,

A = 45,000

P = Unknown

I = 0.036 ÷ 12

n = 1 * 12

Therefore,

45,000 = P(1 +0.036/12) ^1 *12

45,000 = P(1.003)^12

45,000 = 1.0365998P

P = 43,411.15

3 0
3 years ago
This monetary policy________the economy's demand for goods and services, leading to_________product prices. In the short run, th
madreJ [45]

Answer:

<u>Increases,.. higher... more.. low.. lower</u>

Explanation:

This monetary policy acts as economic stimulant by increasing the supply of money in the economy, with increased supply come an increase in the economy's demand for goods and services, leading to higher product prices.

Also, In the short run, this <em>positive change</em> in prices induces firms to produce more goods and services.

This, in turn, leads to<u> a low level of unemployment because companies increase their demand for more labour to meet their demand.</u>

In other words, the economy faces a trade-off between inflation and unemployment: Higher inflation leads to lower unemployment.

7 0
3 years ago
_____ is a term that describes a situation in organizations when there is a variety of demographic, cultural, and personal diffe
Iteru [2.4K]

Answer and Explanation:

c. Diversity

3 0
3 years ago
In class, we noted that the Gap, Inc. operates several brands in order to make it easy for people to express their personal styl
ad-work [718]

Answer:

The answer is: Multi-segment marketing

Explanation:

Multi-segment marketing (or differentiated marketing) happens when a company tries to increase their market share by offering their products to different marketing segments. They try to reach as many market segments they can, using different promotional strategies for every segment. Nowadays, only big companies can afford this type of marketing strategy.

7 0
3 years ago
Firm M's earnings and stock price tend to move up and down with other firms in the S&amp;P 500, while Firm W's earnings and stoc
sweet-ann [11.9K]

Answer:

The answer is letter C.

Explanation:

The correct statement is If M and W merge, then the merged firm MW should have a WACC that is a simple average of M's and W's WACCs.

3 0
3 years ago
Other questions:
  • How could Groupon use the concept of customer relationship management (CRM) to establish, develop, and maintain customer sales?
    9·1 answer
  • Through the ________, president obama was able to inject the national economy with $787 billion, reducing unemployment and incre
    15·1 answer
  • If a bakery hires on person to bake cookies and another to bake cakes,the bakery is applying the concept of specialization.
    11·1 answer
  • Horton Industries’ shareholders’ equity included 100 million shares of $1 par common stock and a balance in paid-in capital—exce
    8·1 answer
  • Clarespharm, a pharmaceutical company, wants to be the market leader in the country of Jefnamia by the end of the next fiscal ye
    11·1 answer
  • ​John, a purchasing​ agent, is offered an​ all-expense paid trip to Hawaii by a supplier if he agrees to award a substantial amo
    8·1 answer
  • Which of these statements about contingent workers is true?
    11·1 answer
  • Hal E. Burton hospital can purchase a new machine (to be placed in an undisclosed location) for $1,000,000 that will provide an
    8·1 answer
  • IKEA is very Sweden-centric; that is, they like doing it the Swedish way, from the names of the furniture to the management of t
    7·1 answer
  • The next dividend payment by Hoffman, Inc., will be $3.10 per share. The dividends are anticipated to maintain a growth rate of
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!