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
asambeis [7]
3 years ago
8

You borrow $10,000 to build an extra bedroom onto your house. The loan is secured for 7 years at an annual interest rate of 11.5

%. The monthly payment is $173.86. a. Find the balance after the fourth payment. $ b. Find the amount of the last payment.
Business
1 answer:
wel3 years ago
6 0

Answer:

balance after 4th payment $9684.05

balance after 85th payment $14.37

Explanation:

given data      

borrow = $10,000

time = 7 year

annual interest rate = 11.5%

monthly payment  = $173.86

solution

we know monthly interest will be here = \frac{0.115}{12} = 0.0096

so here

balance after payment will be here

an = 1.0096 an-1  - 173.86     ........1

here 1.0096  is monthly interest

and monthly payment is subtract here

and an-1 is balance before payment

and an is balance after

so that

payment number                      balance after payment

1                                                  9922.14

2                                                  9843.53

3                                                  9764.17

4                                                   9684.05

.....                                                  ........

83                                                  186.3

84                                                   14.23

85                                                    -159.49

so that balance after 4th payment will be = $9684.05

and balance after 85 payment is 173.86 - 159.49 = 14.37

You might be interested in
Wildhorse Company accumulates the following data concerning a mixed cost, using miles as the activity level. Miles Driven Total
tangare [24]

Answer:

Variable cost per unit= $1.4 per unit

Explanation:

Giving the following information:

Miles Driven Total Cost Miles Driven Total Cost

January: 8,000 $14,120

March: 8,550 $14,979

February: 7,490 $13,495

April: 8,195 $14,490

To calculate the variable cost under the high-low method, we need to use the following formula:

Variable cost per unit= (Highest activity cost - Lowest activity cost)/ (Highest activity units - Lowest activity units)

Variable cost per unit= (14,979 - 13,495) / (8,550 - 7,490)

Variable cost per unit= $1.4 per unit

7 0
3 years ago
In 1–3 sentences, explain the role of entrepreneurs in the economy.
jenyasd209 [6]

ANSWER: There are many ways how entrepreneurs benefit the economy. Few of them are

1) Create Jobs: Entrepreneurs create jobs in the community. When someone opens a new business or expands his new business, he will need human resource to help him to do his works.

2) Wealth Creation: Entrepreneurs pool in their own money and attract investment from lenders, banks and other investors. This mobilizes public wealth.

3) Exports: Entrepreneurs after growing in their businesses will want to export their products as a part of extending their market. This will help gain foreign currency in the country.

4 0
3 years ago
Read 2 more answers
Each year 50 randomly selected haque & slash hair styling franchises are surveyed to determine: (1) the average annual earni
Vikentia [17]
<span>µ, or the population mean, may be defined as the average annual earning of all Haque & Slash hair styling franchises. x measures only the average annual earnings of the 50 randomly selected Haque & Slash hair styling franchises.</span>
6 0
3 years ago
Robert??? I need to ask you something ​
ELEN [110]

Answer:

i'm not sure this is the right place to ask him if you want to ask him in private

Explanation:

4 0
3 years ago
A $1,000 bond quoted at 96.5 would sell for
irinina [24]
The answer might be B

hope this helped:)
alisa202
4 0
3 years ago
Read 2 more answers
Other questions:
  • Which of the following best describes deflation?
    6·2 answers
  • Release on recognizance is the pretrial release of a defendant who posts a minimum of 10% of the cash necessary for release on b
    15·1 answer
  • (a) On March 2, Shamrock Company sold $897,900 of merchandise to Pharoah Company on account, terms 2/10, n/30. The cost of the m
    7·1 answer
  • Which type of employee is most likely to report ethical issues in the workplace? rank and file. middle managers. executives. tem
    6·1 answer
  • Your employer emailed a question and to all employees to gather data on employee satisfaction what type of research is your comp
    5·1 answer
  • Baine lived in Bristol Harbor, a resort area on the Atlantic coast. She entered into a written agreement to sell her daily catch
    14·1 answer
  • Naomi and Matt received the following amounts from a tenant who is renting their condominium during the current year (rent is $1
    8·1 answer
  • LoRider Wheels sells high-quality bicycles and accessories. The store is known for a pleasant environment, friendly salespeople
    9·1 answer
  • Which occupation would be least affected by inflation?
    13·2 answers
  • Jeremy earned $100,000 is salary and $6,000 in interest income during the year. Jeremy's employer withheld $11,000 of federal in
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!