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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>
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Emma started biking to the coffee shop traveling 15 mph, after some time the bike got a flat so Emma walked the rest of the way,
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Answer:

75\text{ miles, }28\text{ miles}

Step-by-step explanation:

GIVEN: Emma started biking to the coffee shop traveling 15 \text{mph}, after some time the bike got a flat so Emma walked the rest of the way, traveling 7 \text{mph} If the total trip to the coffee shop took 9 \text{hours} and it was 103 \text{miles} away.

TO FIND: how long did Emma travel at each speed.

SOLUTION:

Let the distance traveled by Emma through bike is \text{x}

Total time taken when traveled by bike =\frac{\text{x}}{15}

Distance traveled through feet =103-\text{x}

Total time taken when traveled by feet =\frac{103-\text{x}}{7}

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Total time taken =9\text{hours}

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Hence distance traveled using bike is 75\text{miles} and by feet is 28\text{miles}

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