Answer:
$1,220,200
Step-by-step explanation:
The total of Mary's payments is ...
$3695.20/mo × 30 yr × 12 mo/yr = $1,330,200
The difference between this repayment amount and the value of her loan is the interest she pays:
$1,330,200 -110,000 = $1,220,200 . . . total interest paid
_____
Mary's effective interest rate is about 40.31% per year--exorbitant by any standard.
Answer:
s = 6, r = 8 or s = 4, r = 7
Step-by-step explanation:
2r - s = 10
2r = 10 + s
r = 5 + s/2 --(1)
rs - s^2 = 12 --(2)
sub (1) into (2):
(5 + s/2)s - s^2 = 12
5s + 0.5s^2 - s^2 = 12
-0.5s^2 + 5s - 12 = 0
s^2 - 10s + 24 = 0
(s - 6)(s - 4) = 0
therefore s = 6 or s = 4
when s = 6, r = 8 and when s = 4, r = 7
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Step-by-step explanation:
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