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3 years ago

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Which of these expressions will give the unpaid balance after 6 years on a $90,000 loan with an APR of 7.2%, compounded monthly,

if the monthly payment is $708.61?
A. 90,000(1+0.072)^72+708.61[1-(1+0.072)^72/0.072]
B. 90,000(1+0.006)^6+708.61[1-(1+0.006)^6/0.006]
C. 90,000(1+0.006)^72+708.61[1-(1+0.006)^72/0.006]
D. 90,000(1+0.072)^6+708.61[1-(1+0.072)^6/0.072]

1 answer:

Misha Larkins [42]3 years ago

7 0

Answer:

<em>none of the expressions shown is correct</em>

The appropriate expression is ...

90,000(1+0.006)^72+708.61[(1-(1+0.006)^72)/0.006] . . . best matches C

Step-by-step explanation:

The formula used to calculate the remaining balance is ...

A = P(1 +r)^n +p((1 -(1 +r)^n)/r) . . . . . note the parentheses on the fraction numerator

In this formula, r is the monthly interest rate: 7.2%/12 = 0.006, and n is the number of monthly payments: 6×12 = 72. Putting these values into the formula along with the loan amount (P=90,000) and the payment amount (p=708.61) gives ...

A = 90,000(1.006)^72 +708.61((1 -(1.006)^72)/0.006)

A = 74,871.52

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Considering the given equation $y = log_{3}x\\$

And the ordered pairs in the format $(x, y)$

I don't know if it is log of base 3 or 10, but I will assume it is 3.

For $(\frac{1}{3}, a_{0} )$

$x=\frac{1}{3}$

$y=a_{0}$

$y = log_{3}x\\y = log_{3}(\frac{1}{3} )\\y=-\log _3\left(3\right)\\y=-1$

So the ordered pair will be $(\frac{1}{3}, -1 )$

For $(1, a_{1} )$

$x=1$

$y=a_{1}$

$y = log_{3}x\\y = log_{3}1\\y = log_{3}(1)\\Note: \log _a(1)=0\\y = 0$

So the ordered pair will be $(1, 0 )$

For $(3, a_{2} )$

$x=3$

$y=a_{2}$

$y = log_{3}x\\y = log_{3}3\\y = 1$

So the ordered pair will be $(3, 1 )$

For $(9, a_{3} )$

$x=9$

$y=a_{3}$

$y = log_{3}x\\y = log_{3}9\\y=2\log _3\left(3\right)\\y=2$

So the ordered pair will be $(9, 2 )$

For $(27, a_{4} )$

$x=27$

$y=a_{4}$

$y = log_{3}x\\y = log_{3}27\\y=3\log _3\left(3\right)\\y=3$

So the ordered pair will be $(27, 3 )$

For $(81, a_{5} )$

$x=81$

$y=a_{5}$

$y = log_{3}x\\y = log_{3}81\\y=4\log _3\left(3\right)\\y=4$

So the ordered pair will be $(81, 4 )$

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