The second option has a lower amount of interest paid.
In order to determine the loan option that minimizes loan payment, the future value of both loan options has to be determined.
FV = P (1 + r)^nm
FV = Future value
P = Present value
R = interest rate
m = number of compounding
N = number of years
<em><u>First loan option </u></em>
65000( 1 + 0.063/12)^300 = 312,707.21
<em><u>Second loan option </u></em>
65000( 1 + 0.048/12)^240 = 169,435.51
A similar question was answered here: brainly.com/question/23082103
B. Females typically spend less time than males on the sites
10 1/8 miles would be the answer.
This is because every day he increases by 1 5/8 of a mile. So if the pattern continues he will bike 10 1/8 miles.
Hope that helps!!
1. You have the following information:
-The annual interest rate <span>is 7.2%.
- The </span><span>simple interest is calculated quarterly.
2. Then, to solve this exercise and calculate the </span><span>periodic interest rate of Marta's Account, you only have to divide the annual interest rate (7.2%) by 1/4 year. So, you have:
</span>
=(7.2%)(1/4)
=(7.2%)/4
=1.8%
<span>What is the periodic interest rate of Marta's Account?
The answer is: </span>1.8%
