Hi there
First find the monthly payment of each offer to see which monthly payment is lower
The formula of the present value of annuity ordinary is
Pv=pmt [(1-(1+r/k)^(-kn))÷(r/k)]
Pv present value
PMT monthly payment
R interest rate
K compounded monthly 12
N time
Solve the formula for PMT
PMT=pv÷[(1-(1+r/k)^(-kn))÷(r/k)]
Bank F
PMT=16,200÷((1−(1+0.057÷12)^(
−12×8))÷(0.057÷12))
=210.53
Bank G
PMT=16,200÷((1−(1+0.062÷12)^(
−12×7))÷(0.062÷12))
=238.21
From the above the monthly payment of bank f is lower than the bank g
And since the lifetime of bank g is lower than bank f the answer is
b. Yvette should choose Bank F’s loan if she cares more about lower monthly payments, and she should choose Bank G’s loan if she cares more about the lowest lifetime cost.
Good luck!
The common difference, d, can be determined by subtracting the two consecutive values:
1 - 5 = -4
-3 - 1 = -4
-7 - -3 = -4
Then, using the equation:
an = a1+ d(n-1)
a_21 = 5 + (-4)(21 - 1)
a_21 = -75
The answer is letter D. I hope I was able to help you. Have a good day!
Yes because 4x3^x =12^x since the coefficient is added to the answer because it is in the 3.
I think you are missing something, what expression?
If you mean the • dot, it means multiplication.
