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3 years ago

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Mrs. Siebenaller bought a bus for 25,000 with a 7% interest rate mrs s gets a loan payoff of 60 months how much interest would s

he pay

1 answer:

Artist 52 [7]3 years ago

4 0

Answer:

$\$4701.80$

Step-by-step explanation:

Mrs. Siebenaller bought a bus for 25,000 with a 7% interest rate and she gets a loan payoff of 60 months,

We know that,

$\text{PV of annuity}=P\left[\dfrac{1-(1+r)^{-n}}{r}\right]$

Where,

PV = Present value of annuity = 25000,

r = rate of interest of each period = $\dfrac{7}{12}$ % monthly

n = number of periods = 60 months,

Putting the values,

$\Rightarrow 25000=P\left[\dfrac{1-(1+\frac{0.07}{12})^{-60}}{\frac{0.07}{12}}\right]$

$\Rightarrow P=\dfrac{25000}{\left[\dfrac{1-(1+\frac{0.07}{12})^{-60}}{\frac{0.07}{12}}\right]}$

$\Rightarrow P=\$495.03$

Hence total amount paid is,

$=495.03\times 60=\$29,701.80$

Therefore interest amount is,

$=29,701.80-25,000=\$4701.80$

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Step-by-step explanation:

I'm going to use $x$ instead of $\theta$ because it is less characters for me to type.

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I'm going to rewrite this in terms of $\sin(x)$ and $\cos(x)$ because I prefer to work in those terms. My objective here is to some how write this sum as a product.

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Now I need to somehow show right right factor of this is equal to the right factor of the right hand side.

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$\csc(x)[\sec(x)]$

$\csc(x)[\csc(\frac{\pi}{2}-x)]$

$\csc(x)\csc(\frac{\pi}{2}-x)$

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