Principal amount = 12,000
Annual interest rate (r) = 6.99% = 0.0699
Time (years) = 4 years
Number of installments (t) = 12*4 = 48 months
Monthly payment, A = P/D
Where,
D= {(1+r/12)^t-1}/{r/12*(1+r/12)^t} = {(1+0.0699/12)^48-1}/{0.0699/12(1+0.0699/12)^48} = 42.47
Therefore, A = 12000/42.47 = 282.59
Total payments after 4 years = 282.59*4*12 = 13,564.17
Interest owed = 13,564.17 - 12,000 = 1,564.17
Answer:
D let me know if you need explanation
Step-by-step explanation:
Answer:
Step-by-step explanation:
Given
The linear equation is 
The other linear equation parallel to the given line can be represented by
Here, c can take any value . for example c=1, line becomes
1. 8000-x (You invest x in the first, then you have 8000-x more to make up for)
2. 0.02x (Interest * how much you invested)
3. 0.03(8000-x) (Interest * how much you invested)
4. 0.02x+240-0.03x
=240-0.01x
