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motikmotik
3 years ago
11

3) Malik deposited $1.050 in a savings account, and it earned $241.50 in

Mathematics
1 answer:
AnnyKZ [126]3 years ago
3 0

Answer:

3%

Step-by-step explanation:

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A rectangular prism is 12cm long 6cm wide and 5 cm high what is the volume of the regtangular prism
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A bus ride for a senior citizen cost $1.25. A monthly pass costs $35.
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6 0
2 years ago
1. You owe $2,348.62 on a credit card with an 8.75% APR. You pay $300.00 toward the card at the beginning of the month and anoth
satela [25.4K]
Part 1:

After payment of $300, remaining balance = $2,348.62 - $300 = $2,048.62.
Interest accrued is given by:

I=Prt \\  \\ =2,048.62\times0.0875\times \frac{1}{12}  \\  \\ =\$14.94

Had it been $600 was paid, remaining balance = $2,348.62 - $600 = $1748.62. Interest accrued is given by:

I=1,748.62\times0.0875\times \frac{1}{12}  \\  \\ =$12.75

Difference in interest accrued = $14.94 - $12.75 = $2.19


Part 2:

The present value of an annuity is given by:

PV= \frac{P\left[1-\left(1+ \frac{r}{12} \right)^{-12n}\right]}{ \frac{r}{12} }

Where PV is the amount to be repaid, P is the equal monthly payment, r is the annual interest rate and n is the number of years.

Thus,

2348.62= \frac{600\left[1-\left(1+ \frac{0.0875}{12}\right)^{-12n}\right]}{\frac{0.0875}{12}}  \\  \\ \Rightarrow 1-(1+0.007292)^{-12n}= \frac{2348.62\times0.0875}{12\times600} =0.028542 \\  \\ \Rightarrow(1.007292)^{-12n}=1-0.028542=0.971458 \\  \\ \Rightarrow \log(1.007292)^{-12n}=\log0.971458 \\  \\ \Rightarrow-12n\log1.007292=\log0.971458 \\  \\ \Rightarrow-12n= \frac{\log0.971458}{\log1.007292} =-3.985559 \\  \\ \Rightarrow n= \frac{-3.985559}{-12} =0.332130

Therefore, the number of months it will take to pay of the debt is 3.99 months which is approximately 4 months.
6 0
3 years ago
Read 2 more answers
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