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Lilit [14]
3 years ago
7

Joan Messineo borrowed ​$47,000 at a 5​% annual rate of interest to be repaid over 3 years. The loan is amortized into three​ eq

ual, annual,​ end-of-year payments.
a.  Calculate the​ annual, end-of-year loan payment.

b.  Prepare a loan amortization schedule showing the interest and principal breakdown of each of the three loan payments.

c. Explain why the interest portion of each payment declines with the passage of time.

Mathematics
1 answer:
tester [92]3 years ago
6 0

Answer:

a) The value of the Annual Payment is A=$17,258.80

b) Is the picture in the attachment file

c) As you can see it in the picture with each payment, balance comes down, due it is the interest base, Interest portion comes down too.

Step-by-step explanation:

Hi

a) First of all, we are going to list the Knowns: VP=47000, i=5% and n=3, Then we can use A=\frac{VP}{\frac{1-(1+i)^{-n} }{i} } =\frac{47000}{\frac{1-(1+0.05)^{-3} }{0.03} }=17258.80. So this is the value of the Annual Payment

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Last year a banquet hall charged $65 per person to attend a function. The function C(p) = 65p represents the total cost, C, to r
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Answer:

Domain = [0, 50]

Range   = [0, 3250]

Step-by-step explanation:

A function shows the relationship between two variables (independent variable and dependent variable). The independent variable is a variable not dependent on any variable, it is the input of the function while the dependent variable is a variable dependent on other variable, it is the output of the function.

The domain of a function is the set of all input variables (independent variable) and the range of a function is the set of all output variables (dependent variables).

In the function C(p) = 65p, p is the independent variable and C(p) is the dependent variable.

Since the hall can hold a total of 50 people, the domain of the function = [0, 50]

C(0) = 65(0) = 0, C(50) = 65(50) = 3250

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Step-by-step explanation:

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