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3 years ago

Blake took out a 20-year loan for $195,000 at 2.4% interest, compounded

Mathematics

2 answers:

Leviafan [203]3 years ago

8 0

Answer:

Step-by-step explanation:

apex

jeka57 [31]3 years ago

6 0

Answer: C. $633.84

Step-by-step explanation:

The formula to solve this problem is shown below

monthly payment on the loan is $1023.84

i = 2.4% interest

= loan * interest period - monthly payment on the loan

= $195,000 *(2.4/100 /120) - $1023.84 = $195,000*(0.024/12) - $1023.84

= $633.84

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2 years ago

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Step-by-step explanation:

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4 years ago

a car purchased for $34,000 is expected to lose value, or depreciate, at a rate of 6% per year.using x for years and y for the v

Vika [28.1K]

Answer:

$y = 34000(1-0.06) ^ t$

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Step-by-step explanation:

This problem is solved using a compound interest function.

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$y = P(1-n) ^ t$

Where:

P is the initial price = $ 34,000

n is the depreciation rate = 0.06

t is the elapsed time

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$y = 34000(1-0.06) ^ t$

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After 7.40 years it will be worth less than 21500

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3 years ago