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Korvikt [17]
3 years ago
9

Brooke took out a 4-year loan for $1825 at a computer store to be paid back with monthly payments at a 12.5% APR. If the loan of

fers no payments for the first 17 months, how many payments will Brooke be required to make?
A. 31
B. 48
C. 65
D. 17
Mathematics
2 answers:
Solnce55 [7]3 years ago
8 0

Answer:

Answer would be 'A.31'.

Step-by-step explanation:

Given

Present value of loan = $1825

Time for returning the loan = 4 years,

Number of months in 1 year = 12,

So, the number of months in 4 years = 12 × 4 =  48

Number of months spent = 17,

∴ Remaining months = 48 - 17 = 31

Since, the payment of the loan is monthly.                                  

Hence, he will be required 31 payments to pay the loan amount.

i.e. OPTION 'A' is correct.

Vera_Pavlovna [14]3 years ago
8 0

Answer:

31

Step-by-step explanation:

Apex Confirmed

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Step-by-step explanation:

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Answer:

19.1-3.355\frac{1.5}{\sqrt{9}}=17.42    

19.1+3.355\frac{1.5}{\sqrt{9}}=20.78    

And the best option would be:

C. [17.42,20.78]

Step-by-step explanation:

Previous concepts

A confidence interval is "a range of values that’s likely to include a population value with a certain degree of confidence. It is often expressed a % whereby a population means lies between an upper and lower interval".

The margin of error is the range of values below and above the sample statistic in a confidence interval.

Normal distribution, is a "probability distribution that is symmetric about the mean, showing that data near the mean are more frequent in occurrence than data far from the mean".

\bar X=19.1 represent the sample mean

\mu population mean (variable of interest)

s=1.5 represent the sample standard deviation

n=9 represent the sample size  

Solution to the problem

The confidence interval for the mean is given by the following formula:

\bar X \pm t_{\alpha/2}\frac{s}{\sqrt{n}}   (1)

In order to calculate the critical value t_{\alpha/2} we need to find first the degrees of freedom, given by:

df=n-1=9-1=8

Since the Confidence is 0.99 or 99%, the value of \alpha=0.01 and \alpha/2 =0.005, and we can use excel, a calculator or a table to find the critical value. The excel command would be: "=-T.INV(0.005,8)".And we see that t_{\alpha/2}=

Now we have everything in order to replace into formula (1):

19.1-3.355\frac{1.5}{\sqrt{9}}=17.42    

19.1+3.355\frac{1.5}{\sqrt{9}}=20.78    

And the best option would be:

C. [17.42,20.78]

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Step-by-step explanation:

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