A car rental cost $90.00 last year. This year it cost $102.99. What is the inflation rate, to the nearest tenth percent?
1 answer:
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Answer: $403.20
Explanation:
We use a mortgage calculator to calculate the interest paid in the final payment. Since each repayment is made at the end of year, the repayments are annual payments. So, the calculator should have an annual amortization schedule to solve the problem.
I used http://www.calculator.net/loan-calculator for the calculation because it has an annual payment schedule. Then, I went under the subtitle Paying Back a Fixed Amount Periodically because the payments are equal. In that online calculator, I just input these data:
- Loan Amount: $12,000
- Loan Term: 4 (Loan term is number of years to pay the loan)
- Interest Rate: 11.5%
- Compound: Annually (APY)
- Pay Back: Every year
Then, I clicked the calculate button and view amortization table. The annual amortization schedule is attached in this answer.
To determine the interest paid at the final payment, I looked at payment #4 because the final payment is at the 4th year. (The loan is paid in 4 annual payments).
As seen in the attached image, the interest paid in payment #4 is $403.20. Hence, the interest paid in the final payment is $403.20.
Explanation:
We use a mortgage calculator to calculate the interest paid in the final payment. Since each repayment is made at the end of year, the repayments are annual payments. So, the calculator should have an annual amortization schedule to solve the problem.
I used http://www.calculator.net/loan-calculator for the calculation because it has an annual payment schedule. Then, I went under the subtitle Paying Back a Fixed Amount Periodically because the payments are equal. In that online calculator, I just input these data:
- Loan Amount: $12,000
- Loan Term: 4 (Loan term is number of years to pay the loan)
- Interest Rate: 11.5%
- Compound: Annually (APY)
- Pay Back: Every year
Then, I clicked the calculate button and view amortization table. The annual amortization schedule is attached in this answer.
To determine the interest paid at the final payment, I looked at payment #4 because the final payment is at the 4th year. (The loan is paid in 4 annual payments).
As seen in the attached image, the interest paid in payment #4 is $403.20. Hence, the interest paid in the final payment is $403.20.
The network diagram for the activities indicated above is given in the attached image.
<h3>What is a network diagram?</h3>A network diagram is a graphical depiction of a project that consists of a number of connected arrows and boxes that illustrate the interdependence of the project's operations.
The activity description is represented by boxes or nodes, and the interaction between the activities is represented by arrows.
<h3>What is the use of a network diagram?</h3>A network diagram enables a project manager to keep track of each component of a project and easily communicate its status to others.
It also provides:
- visual depiction of progress for stakeholders; and
- Creating project workflows.
Learn more about a network diagram:
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