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
Nutka1998 [239]
3 years ago
9

The total amount paid on a 35 year loan was $98,000. If the interest rate was 4.1% and compounded monthly, what was the principa

l? Round your answer to the nearest cent.
Mathematics
2 answers:
IRINA_888 [86]3 years ago
7 0

Answer:

$23,392

Step-by-step explanation:

Use the compound interest formula and substitute the values given: $98,000=P(1+.041/12)^{12(35)}

Simplify using order of operations:

$98,000=P(1.003416667)^{420}

P=$98,000(1.003416667)^{420}

P≈$23,392

Levart [38]3 years ago
5 0

Answer:

The principal amount was $23,393.45

Step-by-step explanation:

The total amount paid on a 35 year loan was $98,000 at the rate of interest 4.1%

We will calculate Principal amount by this formula

A=P(1+\frac{r}{n})^{nt}

Where A = amount (98,000)

           P = Principal amount (P)

           r = rate of interest 4.1% (0.041)

           n = number of compounding interest monthly (12)

           t = time (35 years)

98,000=P(1+\frac{0.041}{12})^{(12)(35)}

98,000=P(1+0.003416)^{(420)}

98,000=P(1.003416)^{(420)}

98,000 = P(4.189386)

= 4.189386P = 98,000

P = \frac{98000}{4.189386}

P = 23,392.4494 ≈ $23,392.45

The principal amount was $23,393.45

You might be interested in
I need help with #16. please show an example, i do not get this,
serious [3.7K]

Here's a diagram showing how to combine angles LDA (in red) and angle ADE (in blue). Hopefully it becomes a bit clearer why these two angles add up to line segment LE. Erase the shared segment DA if it helps show LE better.

See attached image below.

3 0
3 years ago
Hassan has 183/4 yard of fabric it takes 31
Karo-lina-s [1.5K]
Your question seems incomplete :-(
5 0
3 years ago
The The U.S.based motorcycle manufacturer says that it expects to build 140,000 motorcycles this year, up from 126.000 last year
Black_prince [1.1K]

Answer:

The us based motorcycle manufacturer says that it expects to build 140,000 motorcycles this year up from 126,000 last year.

This means the increased production is

144,000 - 126,000 = 18,000

The percentage change in production can

be found using the formula as listed below

PERCENTAGE INCREASE = change / initial × 100

Substitute the values we get

18,000/126,000 × 100

14.28 = percentage increase

6 0
3 years ago
Two points in the xy plane have cartesian coordinates (1.50, −3.00) m and (−7.50, 7.50) m. (a) determine the distance between th
vova2212 [387]
Distance  = sqrt [ (7.5 - -3.0)^2 + (-7.5 - .5)^2) ]

                = sqrt 17,226.56  =  131.25 (answer)
3 0
3 years ago
What is the intersection of yhe sets A={2,3,5,7,11}and B={5,11,13,15,17}?
xxTIMURxx [149]

The intersection of two sets A and B is defined as the set composed by the elements appearing in both A and B.

So, the intersection is

A\cap B = \{5,11\}

Because all the other numbers do not belong to both sets:

  • 2, 3 and 7 belong to A alone
  • 13, 15 and 17 belong to B alone
  • 5 and 11 belong to both A and B
4 0
3 years ago
Other questions:
  • For questions 11 and 12, use the two-way table specifying favorite ice cream flavors by gender. male female chocolate 32 16 vani
    6·1 answer
  • The amount of time it would take you to go from Chicago to Las Vegas is equal to 1525 miles divided by your average rate of trav
    5·1 answer
  • Based on the table, which best predicts the end behavior<br> of the graph of f(x)?
    15·2 answers
  • Can 12/100 be simplified
    14·1 answer
  • What is the volume of three cubes, each with a side length of fraction 1 over 3 foot? V = s3, where s is the side length.
    9·2 answers
  • Help with 5 and 6 please
    5·1 answer
  • Selena's favorite chocolate chip cookie recipe calls for 111 teaspoon of salt for every {2 \dfrac{1}{4}}2
    8·1 answer
  • Eric went for a car rental for the weekend. He can choose one of two plants. The first plant has an initial fee of $44 and cost
    6·1 answer
  • Help me with this pls !
    11·2 answers
  • Which expression is equivalent to n2 26n 88 for all values of n?
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!