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3 years ago

Which value of x from the set {5, 6, 7, 8} makes this equation true? 3x = 24 A. 5 B. 6 C. 7 D. 8

Mathematics

2 answers:

NNADVOKAT [17]3 years ago

5 0

The answer is D. 3 x 8= 24.

Alexeev081 [22]3 years ago

3 0

D. 8. it's D because 3 ×8=24

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We have that the initial amount of the loan is $5500.

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The rate of interest on the loan is 7.5% i.e. 0.075 and it was for the duration of 10 years.

Also, it is given that the loan was compounded annually.

We have the formula as,

$P=\frac{\frac{r}{n}\times PV}{1-(1+\frac{r}{n})^{-t\times n}}$

i.e. $PV=\frac{P\times [1-(1+\frac{r}{n})^{-t\times n}]}{\frac{r}{n}}$

Substituting the values, we get,

i.e. $PV=\frac{P\times [1-(1+\frac{0.075}{12})^{-10\times 12}]}{\frac{0.075}{12}}$

i.e. $22000=\frac{P\times [1-(1+0.00625)^{-120}]}{0.00625}$

i.e. $22000=\frac{P\times [1-(1.00625)^{-120}]}{0.00625}$

i.e. $22000=\frac{P\times [1-0.4735]}{0.00625}$

i.e. $22000=\frac{P\times 0.5265}{0.00625}$

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Thus, the total lifetime cost to pay of the loans compounded annually = 261.16 × 120 = $31,339.2

Hence, the total cost close to the answer is $31,337.27

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