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Dafna1 [17]
4 years ago
8

A man buys a car for $33,000 with no money down. He pays for the car in 48 equal monthly payments with interest at 9% per annum,

compounded monthly. What is his monthly loan payment?
Mathematics
1 answer:
Crazy boy [7]4 years ago
8 0

Answer:

Man has to pay $1921.19 per month.

Step-by-step explanation:

The formula of Compound Interest is:

A = P(1+\frac{r}{n})^{nt}

where A = Amount

P = Principle

r = rate

n = Number of Compounding per year

t = total number of year

Here, A = 33,000, r = 9% = 0.09, n = 12(monthly), and t = 48(48 months).

Putting all these values in above formula:

33000 = P(1+\frac{0.09}{12})^{12\times4}

⇒ 33000 = P(\frac{12.09}{12})^{48}

⇒ 33000 = P(1.0075)^{48}

⇒ 33000 = P(1.4314)}

⇒ P = 33000 ÷ 1.4314 = 23054.35

Monthly payment = 23054.35 ÷ 12 = 1921.19

Hence, Man has to pay $1921.19 per month.

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Y - 0.8x = 0.5
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Step-by-step explanation:

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M=-4/5,(-7, - 2) Find the equation of the line that has the given slope
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Answer: y=-\frac{4}{5}x-\frac{38}{5}

Step-by-step explanation:

To find the equation, you plug in the slope and given point. Then, you can solve and find the y-intercept.

-2=-\frac{4}{5}(-7)+b          [multiply]

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Now that we have the y-intercept, the equation is y=-\frac{4}{5}x-\frac{38}{5}.

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