The question is an annuity question with the present value of the annuity given.
The
present value of an annuity is given by PV = P(1 - (1 + r/t)^-nt) /
(r/t) where PV = $61,600; r = interest rate = 9.84% = 0.0984; t = number
of payments in a year = 6; n = number of years = 11 years and P is the
periodic payment.
61600 = P(1 - (1 + 0.0984/6)^-(11 x 6)) / (0.0984 / 6)
61600 = P(1 - (1 + 0.0164)^-66) / 0.0164
61600 x 0.0164 = P(1 - (1.0164)^-66)
1010.24 = P(1 - 0.341769) = 0.658231P
P = 1010.24 / 0.658231 = 1534.78
Thus, Niki pays $1,534.78 every two months for eleven years.
The total payment made by Niki = 11 x 6 x 1,534.78 = $101,295.48
Therefore, interest paid by Niki = $101,295.48 - $61,600 = $39,695.48
Answer:
n = -14
Step-by-step explanation:
-3(n+9)=15
Distribute -3 to (n+9):
-3n - 27 = 15
Add 27 to both sides:
-3n = 42
Divide both sides by -3:
n = -14
//You can substitute some values in to find out, for example (1, -5) and (5, -5) are good.
Using this method, you can deduce that it would be A
Answer:
Step-by-step explanation:
it depends. if (for example) y=x2 then there are an infinite amount of answers. if there is an equation like: If (variable X)= (variable Y) + 5 and if X=5, what is Y? then there is only one answer. check an algebra book, it can give you a more detailed answer.
Answer:
40%
Step-by-step explanation:
you saved $28.00
