Suppose the probability of an event occurring is P(A), and the probability of the event not occurring is P(A’). If P(A)= x and P
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Answer:
The description for the problem is listed throughout the section below on explanations.
Step-by-step explanation:
The given values are:
The amount of bank loan = $22,000
Interest rate = 7.99%
Pays monthly = $700
So, the principal amount decreases by 700 per month.
Now,
The principal amount at the end of the month = (22000 - 700 m)
Then,
The interest paid at the end of 1 year:
⇒
On simplifying the above equation, we get
⇒
⇒
⇒
⇒ $
Therefore interest could be measured correctly at the end of each year, likewise.
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⇒
⇒
⇒
R : interest rate