Present value of annuity PV = P(1 - (1 + r/t)^-nt) / (r/t)
where: p is the monthly payment, r is the APR = 14.12% = 0.1412, t is the number of payments in one year = 12, n is the number of years = 2.
1,120.87 = P(1 - (1 + 0.1412/12)^(-2 x 12)) / (0.1412 / 12)
0.1412(1120.87) = 12P(1 - (1 + 0.1412/12)^-24)
P = 0.1412(1120.87) / 12(1 - (1 + 0.1412/12)^-24) = $53.88
Minimum monthly payment = 3.15% of 1120.87(1 + 0.1412/12) = 0.0315 x 1120.87(1 + 0.1412/12) = $35.72
Therefore, his first payment will be greater than the minimum payment by 53.88 - 35.72 = $18.16
Answer:
-8n+1
Step-by-step explanation:
the word product indicates multiplication and it says that the product is between n and -8 so we are multiplying -8 and n. 1 more indicates addition so we are adding 1 to the product of -8n.
Answer:
Table 2
Step-by-step explanation:
I've done simular problems
Answer:
41/5
Step-by-step explanation:
So the answer is that 8 1/5 as a decimal is 8.2.
We convert it to an improper fraction which, in this case, is 41/5 and then we divide the new numerator (41) by the denominator to get our answer.
