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
Kryger [21]
3 years ago
12

Susan took out a personal loan for $3,500 at an interest rate of 13% compounded monthly. she made arrangements to pay the loan o

ff in 3 years. what will her monthly payment be?
Social Studies
2 answers:
Over [174]3 years ago
4 0
If a loan has an interest which is compounded monthly, this means that n= 12. The rate will have a monthly interest of 13% per month. Since she is going to pay the loan off in 3 years, this would mean that her monthly payment would be $100 plus the interest per month of 13% which is $468. Therefore, the total monthly payment is $568. Hope this answer helps.
Anna007 [38]3 years ago
4 0

<u>The monthly payment for this ordinary annuity is 117.88.</u>

<u></u>

Further Explanation:

Annuity: It is a type of recurring payment which needs to be paid for the loan taken by someone. These payments include the principal amount of loan and the rate of interest for that period. At the end of the annuity payments, the interest to be paid becomes zero, and the full amount of principal is also paid by then thus resulting it to be the last payment.

The formula for computing annuity payments is:

\begin{aligned}Annuity\:Payment\:(P)&=\:\dfrac{r\times{PV}}{1-(1+r)^{-n}}\\\\Where\:P&=Annuity\:Payment\:for\:the\:Period\\r&=\:Rate\:per\:Period\\PV&=Present\:Value\\n&=No.\:of\:Payments \end{aligned}

Computation of monthly payment of Susan:

\begin{aligned}P&=\dfrac{\dfrac{0.13}{12}\times\$3,500}{1-\left (1+\left (\dfrac{0.13}{12}\right)^{-35}\right)}\\P&=\dfrac{0.0108\times\$3,500}{1-1+0.0108)^{-36}}\\P&=\dfrac{\$37.8167}{1-0.6792}\\P&=\$117.88.\end{aligned}

<u>Therefore, the monthly payment of Susan is $117.88.</u>

Learn more:

1. Learn more about the ideal type of loan for students

       brainly.com/question/1242264

2. Learn more about loaning the money

       brainly.com/question/1373941

3. Learn more about the mortgage payment

       brainly.com/question/3073010

Answer details:

Grade: Senior School

Subject: Finance

Chapter: Time Value of Money

Keywords: Annuity payments, monthly payments, personal loan, of, $3500, interest rate 13%, three years loan, recurring payments, for a period of time, till, payment, becomes, zero, includes principal, and interest, payment by Susan, annuity payment formula, annuity factor, table, at the end, of the year, at the beginning, of the year.

You might be interested in
4. Select the statements that are TRUE about the Executive Branch
olga55 [171]

Answer:

1, 3, 4, 5, 6 are true

Explanation:

3 0
3 years ago
PLZZZZZZ HELP I WILL MARK U BRAINLIST IF CORRECT .
Nonamiya [84]

Answer:

Answer: 1. Nomadic invaders sacked and destroyed property within the empire.2. New religions replaced those of the people in the empire. There were many attempts of invasion coming from Germanic tribes while Buddhism also spread through Hans Empire. Roman Empire was so powerful that it lasted for more than 500 years.  Among other reasons like taxes, the Roman Empire officially fell because of the invasions of Germanic Nomadic tribes. A similar thing has happened to the Han dynasty which was invaded by the tribe which later evolved into the Hun clan. The Gupta Empire was attacked by the White Huna tribe, but the biggest reason for the fall of the Gupta Empire is the corruption of people in the empire. The second logical reason for the fall of the Roman Empire is Christianity.

Explanation:

invaders destroyed hindu temples in the roman empire.

powerful lords broke the empire into kingdoms happened in the gupta empire

the feudal system began in the gupta empire.

hunas were aborbed in the roman empre

math and science were lost in the roman empire

7 0
3 years ago
Read 2 more answers
What contributed to the lack of success of the Union blockade of the southern seaports?
Mila [183]

I believe the answer is B Blockade runners

8 0
3 years ago
A 14 year old sees a neighbor has left her keys in her car. The teenager takes the car for a drive and wrecks it. Is the teenage
Luda [366]

Well let's start with theft. Just because the keys are there doesn't mean that's an open invitation to take something.

Then there's the business of driving

  • without a licence
  • with no insurance
  • with no name on the registration.

What do you think? Does that go beyond unruly or mischievous? And these are just general considerations. Wait till insurance gets into it. In come cases they may not pay. So now what?

Four general counts and more to come from the lawyers who deal with this sort of thing all the time. I would say that 14 year old better start worrying a bit.

4 0
3 years ago
Students in a third-grade class are studying different forms of transportation that are used around the world. As part of this u
Anon25 [30]

Answer:

<h3>3. helping them to categorize, visualize, and remember new vocabulary. </h3>

Explanation:

  • The students creating a semantic map of words associated with transportation used around the world would provide them the ability to understand and categorize modes of transport.
  • Secondly, it will help them to make connections among words which are related. Thus, helping them learn new vocabularies. For instance, when the students associate themselves with the word 'rickshaw', they would also learn the word 'tilbury'.
  • The use of semantic map would hep them to visualize the words that are associated with one another and would help them to remember words efficiently.

6 0
3 years ago
Other questions:
  • Danny walked up to Mark and punched him in the face because Mark was making fun of the way Danny looked at talked. Mark tried to
    6·1 answer
  • In the market, actions known as incentives affect
    8·2 answers
  • Based on this background, what likely caused many of the deaths?
    6·1 answer
  • When people with dissociative identity disorder report hearing voices talking inside their heads, they may be misdiagnosed as ha
    7·2 answers
  • What idea introduced by malinowski is fundamental to all research conducted by contemporary cultural anthropologists?
    8·2 answers
  • Describe what an economist is and briefly explain the profession’s qualifications and role in government and private business.
    12·1 answer
  • That the slave is incorporated into and becomes a part of the family, that a tie is thus formed between the master and slave, al
    12·2 answers
  • Nearly half of all new drivers will either be charged with a traffic offence or be involved in a collision during their first 12
    8·1 answer
  • What effect does mobile and wireless communication have on people's lives​
    7·1 answer
  • How many autonomous communities are there in spain
    12·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!