Present value of annuity PV = P(1 - (1 + r/t)^-nt) / (r/t)
where: p is the monthly payment, r is the APR = 14.12% = 0.1412, t is the number of payments in one year = 12, n is the number of years = 2.
1,120.87 = P(1 - (1 + 0.1412/12)^(-2 x 12)) / (0.1412 / 12)
0.1412(1120.87) = 12P(1 - (1 + 0.1412/12)^-24)
P = 0.1412(1120.87) / 12(1 - (1 + 0.1412/12)^-24) = $53.88
Minimum monthly payment = 3.15% of 1120.87(1 + 0.1412/12) = 0.0315 x 1120.87(1 + 0.1412/12) = $35.72
Therefore, his first payment will be greater than the minimum payment by 53.88 - 35.72 = $18.16
Answer: the first one is exponential and the second one is function
The equation of a line in the slope intercept form is expressed as
y = mx + c
where
m represents slope
c represents y intercept
The given equation is
12x + 2y = 6
we would make this equation to look like the slope intercept equation.
12x + 2y = 6
If we subtract 12x from both sides of the equation, it becomes
12x - 12x + 2y = 6 - 12x
2y = 6 - 12x
2y = - 12x + 6
Dividing both sides of the equation by 2, it becomes
y = - 6x + 3
Thus, by comparing with the slope intercept equation,
slope = - 6
y intercept = 3
It goes in 5 times but with 1 remainder
Answer:
9 miles
Step-by-step explanation:
