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forsale [732]
3 years ago
12

To buy a car, you borrow $25,000 with a term of three years at an APR of 6.5%. What is your monthly

Mathematics
1 answer:
Finger [1]3 years ago
4 0

Answer:

  $766.23

Step-by-step explanation:

The amortization formula is appropriate for this. (Better, use a financial calculator or spreadsheet.)

  A = P(r/12)/(1 -(1 +r/12)^-(12t))

where P is the amount borrowed (25,000), r is the annual rate (0.065), and t is the number of years (3).

Putting the given numbers into the formula, we have ...

  A = $25,000(0.065/12)/(1 -(1 +0.065/12)^(-36))

  A = $25,000(.00541667)/(1 -1.00541667^-36)

  A = $25,000(0.00541667)/(0.1767322)

  A = $766.23

The monthly payment is $766.23.

_____

<em>Comment on tools</em>

A graphing or scientific calculator is useful for these. Something like a TI-84, or any of the equivalents, will have financial calculations like this built in. There are also numerous apps available for phone or tablet that will do financial calculations.

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see the attached figure

the solution is the point (50,300)

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3 0
3 years ago
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The balance on a credit card, that charges a 15.5%APR interest rate, over a 1 month period is given inthe following table:Days 1
Karo-lina-s [1.5K]

First step is to get the average daily balance.

Take the sum of each day's balances.

If a payment has been made, the sign will be negative.

From Days 1 - 5 :

Day 1 = $200

Day 2 = $200

...

Day 5 = $200

That's $200 x 5 days = $1000

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Day 7 = $350

...

Days 20 = $350

That's $350 x 15 days = $5250

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Day 22 = $150

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That's $150 x 10 days = $1500

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Now divide this total to the number of days to get the ADB or Average Daily Balance.

\text{ADB}=\frac{7750}{30}=258.33

Next Step is to calculate for the finance charge using the formula :

\text{Charge}=\text{ADB}\times r\times d

where ADB is the average daily balance

r is the interest rate per day

d is the number of days or period given

From the problem, APR is 15.5%, it means that we need to divide the APR by 365 days.

So r = 0.155/365 = 0.000425

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The charge will be :

Charge = 258.33 x 0.000425 x 30 = $3.29

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3 years ago
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creativ13 [48]

Answer:

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Answer:

Step-by-step explanation:

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