Present value of annuity PV = P(1 - (1 + r/t)^-nt) / (r/t)
where: p is the monthly payment, r is the APR = 14.12% = 0.1412, t is the number of payments in one year = 12, n is the number of years = 2.
1,120.87 = P(1 - (1 + 0.1412/12)^(-2 x 12)) / (0.1412 / 12)
0.1412(1120.87) = 12P(1 - (1 + 0.1412/12)^-24)
P = 0.1412(1120.87) / 12(1 - (1 + 0.1412/12)^-24) = $53.88
Minimum monthly payment = 3.15% of 1120.87(1 + 0.1412/12) = 0.0315 x 1120.87(1 + 0.1412/12) = $35.72
Therefore, his first payment will be greater than the minimum payment by 53.88 - 35.72 = $18.16
4x-1=9x-2
Add 1 to both sides
4x= 9x-1
Subtract 9x from both sides
-5x=-1
Divide both sides by -5
X=-1/-5
Answer:
The correct option is 1.
Step-by-step explanation:
If a quadratic equation is defined as
.... (1)
Then the sum of the roots is -b/a and the product of roots is c/a.
The given equation is
... (2)
From (1) and (2) we get a=3, b=11 and c=-4.
The sum of roots is
The sum of roots is 
.
Therefore the correct option is 1.
Answer:
$ 2,600 was invested at 4% and $ 3,600 was invested at 9%.
Step-by-step explanation:
Given that in investing $ 6,200 of a couple's money, a financial planner put some of it into a savings account paying 4% annual simple interest, and the rest was invested in a riskier mini-mall development plan paying 9% annual simple interest, and the combined interest earned for the first year was $ 428, to determine how much money was invested at each rate, the following calculation must be performed:
3000 x 0.04 + 3200 x 0.09 = 408
2500 x 0.04 + 3700 x 0.09 = 433
2600 x 0.04 + 3600 x 0.09 = 428
Therefore, $ 2,600 was invested at 4% and $ 3,600 was invested at 9%.
