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
Only two numbers less than 100 have a factor of 40: 40 (1 x 40) and 80 (2 x 40). Since 40 is a factor of both 40 and 80, 10 must also be a factor - indeed, 40 = 4 x 10 and 80 = 8 x 10.
The two number must be 40 and 80.
Almost positive this answer is the amount of hours she would work. because if she worked more hours her outcome would be a larger paycheck and if she worked less hours her paycheck would be smaller.
