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3 years ago

Simon took out an unsubsidized student loan of $43,000 at a 2.4% APR,

Mathematics

2 answers:

BlackZzzverrR [31]3 years ago

8 0

Answer: $241.16

----------- APEX :)

Serga [27]3 years ago

7 0

Answer:

$289.41

Step-by-step explanation:

As we know that the total amount 'A' that is due to pay on loan for a certain interest 'r', principal 'p' and number of times the interest is compounded per year 'n' is:

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

Since, in our case, p = $43,000, r = 2.4% = $\frac{2.4}{100}$ = 0.024, n = 12 (monthly), and t = 20 years.

Therefore,

$A = 43000 (1+\frac{0.024}{12})^{(12)(20)}$

$A = 69457.89$$ $

For monthly payment for 20 years,

$A = \frac{69457.89}{(12)(20)}$

$A = 289.407$ $ ≈ $289.41

Hence, the amount of his monthly payment lasting for 20 years at APR of 2.4% on a loan of $43,000 compounded monthly will be $289.41.

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Option d is the correct answer. $38,430.00 is the amount saved for a down payment given that Mr. and Mrs. Lorenzo want to buy a home valued at $213,500 and they have 18% of this amount saved for the down payment. This can be obtained by using percentage formula.

<h3>How much have they saved?</h3>

The percentage of a number can be obtained using percentage formula,

If P% of X is Y then it can be denoted using the formula of percentage as,

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⇒ P% × X = Y (where P% is P/100)

Here in the question it is given that,

Mr. and Mrs. Lorenzo want to buy a home valued at $213,500

They have 18% of this amount saved for a down payment

We have to find the amount they saved for the down payment.

Given that the total amount = $213,500

Percentage they are saving = 18%

The amount they saved for the down payment,

18% of the total amount = 18% of $213,500

Using the percentage formula we get,

18% of $213,500 = 18% × $213,500

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18% of $213,500 = $ 38,430.00

Hence Option d is the correct answer. $38,430.00 is the amount saved for a down payment given that Mr. and Mrs. Lorenzo want to buy a home valued at $213,500 and they have 18% of this amount saved for the down payment.

Learn more about percentages here:

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