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
worty [1.4K]
3 years ago
6

Q1: Payments of $ 670 are being made at the end of each month for 5 years at an interest of 8% compounded monthly. Calculate the

Present Value.
Mathematics
2 answers:
balu736 [363]3 years ago
6 0

<em>Payment of </em><em>$ 670</em><em> with </em><em>interest </em><em>every month </em><em>8%</em>

<em>Then the payment is made for </em><em>5 years</em>

<em>If this year is the fifth year, the total payment is</em>

<em>(</em><em>$ 670</em><em> + </em><em>8%</em><em>) x </em><em>60 months</em><em> (</em><em>1 </em><em>Year </em><em>12 </em><em>Months, </em><em>12 </em><em>Months multiplied by </em><em>5</em><em>)</em>

<em>(</em><em>$ 670</em><em> + </em><em>$ 53.6</em><em> (monthly interest)) x </em><em>60</em>

<em>$ 723.6</em><em> x </em><em>60</em><em> = </em><em>$ 43,416</em>

So, the current value is $ 43,416

<h2>Further Explanation</h2>

The current value is determined from the following calculation:

8% is the monthly interest on a $ 670 loan

Borrowing is done within a period of 5 years, which is around 60 months (12 months x 5 years)

The formula used is

(Amount of Payment + Monthly Interest) x 5 Years (60 months) = Results

If entered into the value, the calculation is as follows:

Current value = ($ 670 + 8%) x 60

Current value = ($ 670 + 0.8) x 60

Current value = ($ 670 + $ 53.6) x 60

Current value = $ 723.6 x 60

Current value = $ 43,416

The total to be paid for 5 years is $ 43,416

More information

8% interest = 0.8 x 670

So 8% of 670 is 53.6

and monthly payments are the result of the sum of payments and monthly interest, 723.6

Learn More

Loan Interest  brainly.com/question/13918421

The Calculated  brainly.com/question/13903315

Details

Grade: Middle School

Subject: Mathematics/Business

Keyword: loan, interest, payment

Jlenok [28]3 years ago
4 0

Answer:

So, the present accumulated value is, $ 49557.69

Step-by-step explanation:

According to the question, payments of $ 670 are being made at the end of each month for 5 years at an interest of 8% compounded monthly. So, present accumulated value, =

$ \sum_{x = 1}^{60}670 \times (1 + \frac{8}{12 \times 100})^{x}

= $ (670 \times (\frac {(1 + \frac {2}{300})^{61} -  ( 1 + \frac{2}{300})}{\frac{2}{300}})

\simeq $ 49557.69

So, the present accumulated value is, $ 49557.69

You might be interested in
Elija, Emily, Edward, and Esme each drew a conclusion about the figure below.
erik [133]
Please read the attached file

5 0
3 years ago
Read 2 more answers
Tomas makes a balloon sculptures at a circus. In 180 minutes, he uses 253 balloons to make 36 identical balloon sculptures.
Kipish [7]
180\ minutes\ \ \ \rightarrow\ \ \ 252\ balloons\\\\1\ minute\ \ \ \rightarrow\ \ \ x\ balloons\\\\x\cdot 180=1\cdot 252\ \ \ \Rightarrow\ \ \ x= \frac{252}{180}= \frac{36\cdot7}{36\cdot5}  = \frac{7}{5} =1.4\\\\Ans.\ \ 1.4\ balloons\ per\ one\ minute.\\\\-----------------\\\\ 1\ minute\ \ \ \rightarrow\ \ \ 1.4\ balloons\\\\10\ minutes\ \ \ \rightarrow\ \ \ x\ balloons\\\\x\cdot 1=10\cdot1.4\\\\x=14\\\\Ans.\ \ 14\ balloons\ per\ 10\ minutes.
7 0
3 years ago
Annette is surveying people in the city about a new shopping mall. She found out that 180 people, or 37.5% of people do not want
Leokris [45]

Answer:

480 people

Step-by-step explanation:

Set up an equation where x is the number of people surveyed:

180 = (x)(0.375)

Solve for x:

180 = (x)(0.375)

480 = x

So, Annette surveyed 480 people

4 0
2 years ago
I WILL MARK BRAINLIEST!!&amp; THANKS YOU!
expeople1 [14]
The correct answer is D

Hope this helps!
7 0
3 years ago
Read 2 more answers
A pair of shoes usually sells for $64. If the shoes are 20% off, and sales tax is 8%, what is the total price of the shoes, incl
Marina86 [1]

Answer:

$55.30

Step-by-step explanation:

4 0
2 years ago
Other questions:
  • Chase makes 2 gallons of soup for a dinner party. He serves 10 cups of soups to his guests. How many cups of soup will he have l
    6·2 answers
  • NEED QUICK HELP.
    8·1 answer
  • What is 5+5 jfkkckdndnd
    14·2 answers
  • a restaursnt has rectangular tables that can seat 8 people each when there are more than 8 people in a group the tables are move
    11·1 answer
  • 214
    6·1 answer
  • Change 121/11 to a whole or mixed number
    8·2 answers
  • What is the quotient of the rational expression shown below? Make sure your answer is in reduced form x^2-4/x+3 divided x^2-4x+4
    14·1 answer
  • Chet and Wesley sold gift wrap for a school fund-raiser.
    8·1 answer
  • In a city school of 900 students, 38% of the students are on the honor roll
    10·1 answer
  • Pls help this is due soon!!!
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!