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jok3333 [9.3K]
4 years ago
14

Dillon took out a 2-year loan for $2375 at a sports-equipment store to be paid back with monthly payments at a 6.6% APR, compoun

ded monthly. If the loan offers no payments for the first 5 months, how much will Dillon owe when he begins making payments?
A. $2709.15
B. $2441.03
C. $2375.00
D. $2536.58
Mathematics
2 answers:
Shkiper50 [21]4 years ago
8 0

Answer:

B. 2441.03

Step-by-step explanation:

A P E X

Vera_Pavlovna [14]4 years ago
7 0
APR=6.6% compounded monthly.
After 5 months without payment,
he owes
F=P(1+i/12)^n          [compound interest formula]
=2375(1+0.066/12)^5
=2441.03

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<em>Ok, so you are given an equation in standard form, 5x+4y=2, and a point, (7, 5). You are being asked to write the equation for a line that is parallel to the equation in standard from, and that includes the point (7, 5).  </em>

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<em>First, let's start by finding the slope of your new line. We know that it needs to have the same slope as 5x+4y=2, because parallel lines have the same slopes. To do that, we need to put the equation into slope-intercept form (y=mx+b), which means we need to isolate the "y."  </em>

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<em>  5x+4y=2 </em>

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<em>-5x     -5x  (subtract 5x from both sides to move it to the right side of your equation) </em>

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<em>4y = 2 - 5x </em>

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<em>/4  /4  /4 (divide all the terms by 4 to get "y" by itself) </em>

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<em>y = (1/2) - (5/4)x  ... I suggest leaving your slope as a fraction. </em>

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<em>Now, we know that our slope, m , is going to be -(5/4).  </em>

<em> </em>

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<em>Next, we are going to use our slope, -(5/4), and point, (7, 5), to find the b-value (y-intercept) of your new line. Let's plug in what we know: </em>

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<em>y = 5 </em>

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<em>m = -(5/4) </em>

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<em>x = 7 </em>

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<em> </em>

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<em>y=mx+b </em>

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<em>5=(-5/4)(7) + b  -> I plugged in what we knew for y, m, and x.  </em>

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<em>5 = -(35/4) + b  -> I multiplied the numbers in the numerator (5 x 7) to get 35/4 </em>

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<em>20/4 = -(35/4) + b -> I converted 5 into a faction with a denominator of 4 by multiplying by (4/4) </em>

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<em>+(35/4) +(35/4)  -> I add (35/4) to both sides to isolate b </em>

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<em>Answer:  </em>

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