1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Vesnalui [34]
3 years ago
7

Eddie took out a 14-year loan for $72,000 at an APR of 4.7%, compounded monthly, while Lee took out a 14-year loan for $92,000 a

t an APR of 4.7%, compounded monthly. Who would save more by paying off his loan 6 years early?
A. Lee would save more, since he has $20,000 more in principal.
B. Lee would save more, since he has $20,000 less in principal.
C. Eddie would save more, since he has $20,000 less in principal.
D. Eddie would save more, since he has $20,000 more in principal.
Mathematics
2 answers:
boyakko [2]3 years ago
7 0

Answer:

Lee

Step-by-step explanation:

It is given in the problem that Lee has taken a loan of $ 92,000 while Eddie has taken a loan of only $72,000.

however, the rate of interest and the tenure is the same for both of them. Hence, it is the principle which is going to affect the interest incurred on Lee or Eddie.

As Lee has higher amount of loan , the interest ion him will be high as compared to the Eddie. Thus Lee will save more if both of them pay their debt in 8 years that is 6 years before the due time.

marishachu [46]3 years ago
4 0
**Eddie: $72000/(14yr*12mo)=428.6$/mo+428.6$*(4.7%)/100%
Eddie pays 428.6$/mo+20.14$/mo. If he pays off his loan 6 years earlier he would save: $20.14*6yr*12mo= $1450.08
**Lee: $92000/(14yr*12mo)=547.62$/mo+547.62$*(4.7%)/100%
Lee pays 547.62$/mo+25.74$/mo. If he pays off his loan 6 years earlier he would save: $25.74*6yr*12mo=$1853.28

So its A. <span>Lee would save more, since he has $20,000 more in principal.</span>
You might be interested in
Which of the binomials below is a factor of this trinomial?
FromTheMoon [43]

Answer:

6 X2 6X-72

Step-by-step explanation:

5 0
3 years ago
Read 2 more answers
2√6 ∙ √8 + 2√12<br><br>show your work please and thank you
meriva

Answer:

Step-by-step explanation:

multiply first,

so 2√6 x √8 = 2√48 (because when radicals are multiplied we add them)

so

2√48 can be simplified to 8√3 and 2√12 can be simplified to 4√3

8√3+4√3=12√3

8 0
3 years ago
Paul has a stock portfolio worth $21,000. His home is valued at $365,000. His car is valued at $19,000. He owes $362,000 on his
kompoz [17]

Answer:

Paul has negative worth of $2,900

His statement is invalid as he did not consider all assets and debts in aggregate.

Step-by-step explanation:

The net worth of Paul is the total asset owned by him less the total of debts owed by him.

Paul's total assets can computed thus:

Stock portfolio                 $21,000

Home worth                     $365,000

Car worth                          $19,000

Total assets                       $405,000

Paul's total debts can be computed as follows:

Mortgage loan                     $362,000

Car loan                                $16,250

credit card debt                     $11,750

Student loan                          $17,900

Total debts                             $407,900

The amount of debts owed by Paul is $2,900($405,000-$407,900) more than his asset worth,which implies that Paul is indebted to the tune of $2,900,hence has negative worth.

6 0
3 years ago
-43/100 as a decimal
lutik1710 [3]

Answer:

-0.43

Step-by-step explanation:

100/-43

6 0
3 years ago
Read 2 more answers
Find equation of the line that contains the point (4,-2) and is perpendicular to the line y= _2x+8
xz_007 [3.2K]

Answer:

y = 1/2x - 4

Step-by-step explanation:

If two lines are perpendicular to each other, they have opposite slopes.

The first line is y = -2x + 8. Its slope is -2. A line perpendicular to this one will  have a slope of 1/2.

Plug this value (1/2) into your standard point-slope equation of y = mx + b.

y = 1/2x + b

To find b, we want to plug in a value that we know is on this line: in this case, it is (4, -2). Plug in the x and y values into the x and y of the standard equation.

-2 = 1/2(4) + b

To find b, multiply the slope and the input of x (4)

-2 = 2 + b

Now, subtract 2 from both sides to isolate b.

-4 = b

Plug this into your standard equation.

y = 1/2x - 4

This equation is perpendicular to your given equation (y = -2x + 8) and contains point (4, -2)

Hope this helps!

3 0
3 years ago
Read 2 more answers
Other questions:
  • Kellys basketball team made a total of 33 two point and three point baskets in their game last week.If her team scored a total o
    14·1 answer
  • Name the angle below 4 different ways.<br> plz help and NO BS answers.
    9·2 answers
  • Given points A(4,5) and B(-4,11). Find the distance AB to the nearest tenth.
    7·2 answers
  • A garden that is 5 ft by 6 ft has a walkway 2 ft wide
    12·1 answer
  • A hardware store is selling a wrench for $31.00. If there is a sales tax of 8 percent, what is the actual cost of the wrench
    10·1 answer
  • What is the distance between the points (-3,5) and (-3,-9) ? ​
    15·1 answer
  • Solve for t.<br> 3(t – 13) = 18
    9·2 answers
  • PLEASE HELPPPP!! I KNOW THE ANSWER IS NOT 495. I WILL MARK WHOEVER GETS IT RIGHT THE BRAINLIEST
    10·2 answers
  • Dora has two savings account. The
    14·2 answers
  • From the graph the solution of the equations y = -3x and y = x+8
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!