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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

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Larry is a hard-working college freshman. One Saturday, he decides to work nonstop until he has answered 200 practice problems f
OverLord2011 [107]

Answer:

  • The marginal gain from Larry's second hour of work is 60 problems
  • The marginal gain from Larry's fourth hour of work is 20 problems
  • The best combination is 1 hour of working problems + 3 hours of reading

Explanation:

To get the <em><u>marginal gain</u></em> we subtract from the latest hour, in this case the second hour (140), the production from the previous hour (80). 140-80=60. <em>It's always the same, the latest minus the previous one.</em>

So let's do the same for the fourth hour:

Noon................200 problems

minus

11:00 AM..........180 problems

200-180= 20 problems

Now to know how many hours he should spend working on problems and reading, let's compare:

An hour of reading equals to 70 problems made; (because working on 70 problems raises a student’s exam score by about the same amount as reading the textbook for 1 hour).

hours of working problems         problems solved

0............................................................0

1.............................................................80

2............................................................140

3............................................................180

hours reading                    problems equivalent to hours read

4...............................................(4*70)=280

3...............................................(3*70)=210

2...............................................(2*70)=140

1................................................(1*70)=70

finally let's add up the two combinations (0 and 4, 1 and 3, 2 and 2, 3 and 1)

0 and 4_______________0+280= 280

1 and 3________________80+210=290

2 and 2_______________140+140=280

3 and 1________________180+70=250

<em>And the best combination is 1 hour of working problems + 3 hours of reading=</em><em>290</em>

3 0
3 years ago
Dorothy Taylor has won a state lottery and will receive a payment of $93,000 every year, starting today, for the next 20 years.
Firlakuza [10]

Answer: The answer is $1,092,865.5426

To the nearest whole dollar, we have:

$1,092,866

Explanation: from the question above, we will be calculating the present value of a cashflow of $93,000 over a period of 20 years, at a rate of 5.76%.

We will be performing a discounting operation.

Refer to the attached files below to see the calculations and how we arrived at the answer above.

8 0
3 years ago
Read 2 more answers
According to the United Nations' stages of economic development for classifying countries with respect to levels of industrializ
andrezito [222]

Answer:

More-deceloped country

Explanation:

Industrialized countries with high per capita incomes, such as Canada, England, France, Germany, Japan, and the United States fall into the category of more-developed country

4 0
3 years ago
A business received an offer from an exporter for 10,000 units of product at $13.50 per unit. The acceptance of the offer will n
OverLord2011 [107]

Answer:

Effect on income= $15,000 increase

Explanation:

Giving the following information:

A business received an offer from an exporter for 10,000 units for $13.50 per unit.

Unit manufacturing costs:

Variable 12

<u>Because it is a special offer and there is unused capacity, we will not take into account the fixed costs.</u>

Effect on income= number of units*unitary contribution margin

Effect on income= 10,000*(13.5 - 12)

Effect on income= $15,000 increase

4 0
3 years ago
If you cause a car accident, which type of insurance will require you to pay the least out of pocket
WARRIOR [948]
A low deductible plan is the type of insurance that will require the driver to pay less out of pocket. If a person has a high deductible plan, the out of pocket payment would be a lot higher. A low deductible plan has much higher premiums that must be paid. The high deductible insurance has much lower premiums. After a wreck that is caused by the driver, most insurances will raise the premiums paid. Unless you with an insurance company that accident forgiveness plans. The correct answer to this question is B. Low Deductible Plan. 
3 0
3 years ago
Read 2 more answers
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