If the APY of savings account is 4.7% and if the principal in the savings account is $4500 for an entire year what will the bala
2 answers:
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SOLUTION
Since you can afford a down payment of $2,500, the remaining money needed to purchase the car becomes
Now, we will find the simple interest on $17,500 for 48 months, which is 4 years. This becomes
(a) What will your monthly payment be? $
We will add this interest to the $17,500 and divide by 48 months to get the monthly payment. This becomes
Hence, the answer is $422.92
(b) How much will you pay in total for the car? $
To get this, we add the $20,300 (that we divided by 48 months), to the initial down payment made. This becomes
Hence, the answer is $22,800
(c) How much will you pay in interest over the life of the loan? $
We have initially found the interest as 2,800 dollars.
Hence the answer is $2,800
Answer:
a) $40920
b) $38500
Step-by-step explanation:
Given:
5 employees,
Mean = $40300
Median = $38500
Min = $32000
If he lowest paid employee gets a $3100 raise, then his salary becomes
$32000+$3100=$35100
a) If the mean was $40300, then the sum of 5 salaries is
After raising the lowest salary the sum becomes
and new mean is
b) The lowest salary becomes $35100. It is still smaller than the median, so the new median is the same as the old one.
New median = $38500