Roy purchased a 2010 model sedan for $21,000. The dealership offered him a $149/month payment plan for 60 months, at the end of
which the unpaid balance will be due. If the interest rate is 6%, find the total cost of this vehicle, including the balloon payment.
1 answer:
<h3>Answer:</h3>
$26,870.12
<h3>Explanation:</h3>A financial calculator can tell you the future value (remaining balance) of the loan after 60 payments is $17930.12. The 60 payments total ...
... $149×60 = $8940
so the total amount paid for the vehicle is ...
... $8940 +17930.12 = $26,870.12
_____
The attachment shows the calculation of the remaining balance added to payments made to get to that balance. Negative amounts are amounts paid.
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Since the events are independent and can be reduced to two outcomes, we can solve it using the binomial formula.
The equation to find Amy's earning after tutoring for 15 hours is 300 dollars.
<h3>How to find an equation?</h3>She earn 20 dollars for each hours she tutors.
E = earnings in dollars
H = hours of tutoring
The equation relating E and H are as follows:
E = 20H
Therefore, the equation to find Amy's earning after tutoring for 15 hours is as follows;
E = 20H
E = 20 × 15
E = 300 dollars
Therefore, Amy's tutoring for 15 hours is 300 dollars.
learn more on expression here: brainly.com/question/14492671
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