1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Rainbow [258]
3 years ago
7

You have purchased a new warehouse. To finance the purchase, you’ve arranged for a 25-year mortgage for 75 percent of the $4,200

,000 purchase price. The monthly payment on this loan will be $18,300.
What is the APR on this loan? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
Mathematics
1 answer:
Cerrena [4.2K]3 years ago
7 0

\begin{aligned}Payment=183000\\ \cos t=4200000\cdot 0,75\% =3150000=c\\ Payment=C\dfrac {\left( 1+i\right) ^{n}\cdot i}{\left( 1+i\right) ^{n}-1}\\ n=25years\times \dfrac {12manths}{1year}=300months\\ 18300=3150000\cdot \dfrac {\left( 1+i\right) ^{300}\cdot i}{\left( 1+i\right) ^{300}\cdot i}\\ i=0,0041\\ i is the monhly interest_{i}\\ i\times 12months=APR\\ APR=0,0123=1,23%\end{aligned}

You might be interested in
The table shows the balance of a money market account over time. Write a function that represents the balance y (in dollars) aft
dexar [7]

9514 1404 393

Answer:

  y = 2200(1.08^t)

Step-by-step explanation:

The interest earned the first year is ...

  (2376 -2200)/2200 = 0.08 = 8%

The balances the remaining years are consistent with that interest being compounded annually. An appropriate function is ...

  y = 2200(1.08^t)

_____

The compound interest formula is ...

  A = P(1 +r/n)^(nt) . . . . principal P earning rate r compounded n times per year for t years

7 0
3 years ago
Part 1. Create two radical equations: one that has an extraneous solution, and one that does not have an extraneous solution. Us
Airida [17]
A+x=bxc
bc=aa 
bc=a
esa es la respuesta final
6 0
3 years ago
Read 2 more answers
going against the current a boat takes 6 hours to make a 120 mile trip when the boat travels with the current on the return trip
Irina18 [472]
Speed against current = 120 miles / 6 hours = 20 miles / hour
Speed with current = 120 miles /5 hours = 24 miles / hour.

Speed of boat in still water = (20+24)/2 = 22 miles / hour
6 0
2 years ago
Group health insurance cost $8000, employer pays 80%, employee is paid biweekly. Find the amount deducted each pay for the group
Artyom0805 [142]
The answers is $1600, if this is a multiple choice question.
6 0
2 years ago
What expression is equivalent to 6+3(n-4)-8+2n
lorasvet [3.4K]

Answer:

Step-by-step explanation:

Comment

Begin by removing the brackets.

6+3(n-4)-8+2n

6 + 3n - 12 - 8 + 2n                 Collect like terms

3n + 2n + 6 - 12 - 8                 Combine

5n - 14

Answer

5n - 14

4 0
2 years ago
Other questions:
  • In triangle STU s=9 cm t=15 and m
    11·1 answer
  • Please explain I just started learning this
    7·1 answer
  • PLZ ANSWER THIS <br> SCRENNSHOT
    12·1 answer
  • 1/8+c=4/5 what is c? please answer urgent!!!
    8·1 answer
  • Henry has a new album for his baseball cards. Some of the pages hold 6 cards and the other pages hold 3 cards. If Henry has 36 c
    13·1 answer
  • Can somebody help me please
    5·1 answer
  • Please help me, i don’t know what to do
    11·1 answer
  • Can someone plz help me with this one problem!!!! I’m bailing timed
    11·2 answers
  • Please help!!!!!!!!!!!!!!!!!!!
    7·1 answer
  • 18
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!