Ask question

Ask question

All categories

2 years ago

12

Jameson has 4300 in credit card debt with 14% interest that he wants to pay off in 24 months. He will need to make monthly payme

nts of 206.46 each month. Calculate the total cost of repayment and the interest Jameson will pay?

1 answer:

lakkis [162]2 years ago

8 0

Answer:

Total cost of repayment $= 4955.04$

Net interest paid $= 655.04$

Step-by-step explanation:

Given

Amount taken on loan $= 4300$

Repayment plan

Monthly installment $=$ $206.46$

Yearly installment $= 206.46 * 12 = 2477.52$

Rate of interest per year $= 14$ %

Time Period for repaying the loan $= 2$ years

The total amount repaid by Jameson at the rate of $206.46$ per month for next $24$ months

$= 206.46 *24\\= 4955.04$

Net interest paid

$= 4955.04 - 4300\\= 655.04$

Total cost of repayment $= 4955.04$

Net interest paid $= 655.04$

You might be interested in

The price of two dozen candy bars is $4.80. Bridget wants to buy 5 candy bars. what will she have to pay?

Ymorist [56]

Answer:

24

Step-by-step explanation:

4.8×5 you have 5 candy bars that are $4.80 each so you multiply that by 5.

5 0

2 years ago

Read 2 more answers

How do i convert 35/6 to a mixed number

quester [9]

35/6

= how many times can (6) go into (35)? 5 TIMES.

Remainder (5)

So as a mixed number would be 5 whole number, 5/6.

(5 5/6)

5 0

3 years ago

The number of accidents that occur

wel

Answer: 0.12

Step-by-step explanation:

The expected number of accidents is a weighted average of the potential number of accidents and their probabilities:

= (0 * 0.935) + (1 * 0.03) + (2 * 0.02) + (3 * 0.01) + (4 * 0.005)

= 0.12

3 0

2 years ago

Let II be the tangent plane to the graph of f(x, y) = 8 – 2x^2 – 3y^2 at the point (1, 2,-6). Let S, x² + y^2 + z = 4 be another

stealth61 [152]

Let $F(x,y,z)=f(x,y)-z$ . The tangent plane to $f(x,y)$ at (1, 2, -6) has equation

$\nabla F(1,2,-6)\cdot(x-1,y-2,z+6)=0$

We have

$\nabla F(x,y,z)=(-4x,-6y,-1)\implies\nabla F(1,2,-6)=(-4,-12,-1)$

Then the tangent plane has equation

$(-4,-12,-1)\cdot(x-1,y-2,z+6)=0\implies -4(x-1)-12(y-2)-(z+6)=0\implies 4x+12y+z=22$

Let $g(x,y)=4-x^2-y^2$ , and $G(x,y,z)=g(x,y)-z$ . The tangent plane to $S$ at a point $(a,b,c)$ is

$\nabla G(a,b,c)\cdot(x-a,y-b,z-c)=0$

We have

$\nabla G(x,y,z)=(-2x,-2y,-1)\implies \nabla G(a,b,c)=(-2a,-2b,-1)$

so that this plane has equation

$(-2a,-2b,-1)\cdot(x-a,y-b,z-c)=0\implies2ax+2by+z=2a^2+2b^2+c$

In order for this plane to be parallel to the previous plane, we need to have

$\begin{cases}2a=4\\2b=12\end{cases}\implies a=2,b=6\implies g(a,b)=c=-36$

so the point we're looking for is (2, 6, -36).

6 0

3 years ago

How do you figure out the slope of a line

astra-53 [7]

You divide the difference of the y-coordinates of 2points on a line by the difference of the x-coordinates of the same 2points

8 0

3 years ago

Read 2 more answers