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nirvana33 [79]
3 years ago
10

Make a down payment of $1500 and finance the rest of $20000 at 1.9% interest rate, making equal monthly payments for 5 years.

Mathematics
2 answers:
Nostrana [21]3 years ago
6 0
We know that we have to m<span>ake a down payment of $1500 and finance the rest of $20000 at a 1.9% interest rate, making equal monthly payments for 5 years. Our first step to solve this problem would be to convert 5 years into months. 

1 year = 12 months 

12 * 5 = 60 months 

Therefore, in 5 years there are 60 months. 

Now lets solve this problem step by step. 

Subtract the down payment from $20,000

</span>$20000-$1500=$18500

Multiply the remaining number by the interest rate. 

$18500 *1.9 = $35150 

Divide 35150 by number of months in 5 years (60)

$35150 / 60 = $585 

Therefore, you have to pay $585 per month. 
Arada [10]3 years ago
3 0
Use calculator
20000-1500=18500
18500 times 1.9=35150
5 years=60 months
35150 divided by 60=585
$585 per month 
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In order to find the critical value we need to take in count that we are finding the interval for a proportion, so on this case we need to use the z distribution. Since our interval is at 99% of confidence, our significance level would be given by \alpha=1-0.99=0.01 and \alpha/2 =0.05. And the critical value would be given by:

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If we replace the values obtained we got:

0.424 - 2.58\sqrt{\frac{0.424(1-0.424)}{85}}=0.286

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