Jerry has a credit card debt of $15,600 that he would like to reduce by applying $8,500 of his inheritance money to the balance.
In addition, he would like to modify his debt payment plan to pay off the remaining balance in 24 months rather than 60 months. His credit card has an APR of 18%. How much will these changes save Jerry in finance charges (interest)?
First we need to solve the finance charge without the changes. B = A (1 + ti) where t is the number of years, 60 months or 5years i is the interest rate per year, 18% or 0.18 A is the principal amount, %15,600 B is the amount after t years so, B =$15,600 ( 1 + 0.18 x 5 ) B = $15,600 ( 1 + 0.9 ) B= $15,600 (1.9) B= $29,640. The finance charge without the changes is $29,640(amount after 5 years) - $15,600(principal amount) = $14,040.
Applying the changes, the principal amount would be $15,600 - $8,500 = $7,100, the number of years will be 2 years (24 months)in equation B = $7,100 (1 + 0.18 x 2) B = $7,100 (1 + 0.36) B = $7,100 (1.36) B = $9,656, the finance charge with the changes is $9,656 - $7,100 = $2,556.
The changes Jerry made can save $14,040 - $2,556 = $11,484.
Yes, community participation allows youngsters to become empathetic citizens who could potentially preserve similar work once they turn out to be adults. Moreover, youth who supply again to their communities develop leadership capabilities, examine the significance of assisting, and advantage of work experience.
Youth organizations provide opportunities for leadership that young human beings won't get otherwise. Youth worried in groups can receive records on staying secure and healthful from their friends or adults they realize and respect. They then skip on this data to different younger people.
Through active participation, young human beings are empowered to play an essential position in their personal development in addition to in that their communities. TheUN has long identified that younger human beings are a prime human resource for development and key dealers for social alternate, financial boom, and technological innovation.
According to the research, the statement is false, major depressive disorder affects adults at any age.
<h3>What is the major depressive disorder?</h3>
It is a type of affective disorder specialized mainly by a persistent low mood and feelings of sadness.
It is characterized by the appearance of one or several depressive episodes lasting at least two weeks, and usually begins during young adulthood, although it can appear at practically any stage of life.
Therefore, we can conclude that according to the research, the statement is false, major depressive disorder affects adults at any age.
