Present value of annuity PV = P(1 - (1 + r/t)^-nt) / (r/t)
where: p is the monthly payment, r is the APR = 14.12% = 0.1412, t is the number of payments in one year = 12, n is the number of years = 2.
1,120.87 = P(1 - (1 + 0.1412/12)^(-2 x 12)) / (0.1412 / 12)
0.1412(1120.87) = 12P(1 - (1 + 0.1412/12)^-24)
P = 0.1412(1120.87) / 12(1 - (1 + 0.1412/12)^-24) = $53.88
Minimum monthly payment = 3.15% of 1120.87(1 + 0.1412/12) = 0.0315 x 1120.87(1 + 0.1412/12) = $35.72
Therefore, his first payment will be greater than the minimum payment by 53.88 - 35.72 = $18.16
Answer:
$7.5 plus $65 per hour
Step-by-step explanation:
We are trying to find the minimum she can make in one day. The minimum amount of hours she can work is 1, so find y when x=1:
y=7.5x+65
y=7.5(1)+65
y=7.5+65
Answer: 8 whole gallons.
Step-by-step explanation: If you have only $27.00 and you need to buy gas, but each gallon is $3.15, then you just need to divide your total amount ($27.00) by your cost per gallon ($3.15), and you will get about 8.6 gallons, however this question asks for how many WHOLE gallons you can get, so all you need to do is round down to fit your budget, leaving money for only 8 whole gallons.
WORK: ($27.00) / ($3.15) = 8.6 gallons
