The question is an annuity question with the present value of the annuity given.
The
present value of an annuity is given by PV = P(1 - (1 + r/t)^-nt) /
(r/t) where PV = $61,600; r = interest rate = 9.84% = 0.0984; t = number
of payments in a year = 6; n = number of years = 11 years and P is the
periodic payment.
61600 = P(1 - (1 + 0.0984/6)^-(11 x 6)) / (0.0984 / 6)
61600 = P(1 - (1 + 0.0164)^-66) / 0.0164
61600 x 0.0164 = P(1 - (1.0164)^-66)
1010.24 = P(1 - 0.341769) = 0.658231P
P = 1010.24 / 0.658231 = 1534.78
Thus, Niki pays $1,534.78 every two months for eleven years.
The total payment made by Niki = 11 x 6 x 1,534.78 = $101,295.48
Therefore, interest paid by Niki = $101,295.48 - $61,600 = $39,695.48
Show me the picture for I can help u
Step-by-step explanation:
ES UN EJEMPLO DE PROPIEDAD COMMULATIVE.
hola Hermano, cóme TE IIamas
donde vives?
First distribute the 2 through the parenthses on the right side.
So we have y - 4 = 2x + 8.
In slope-intercept form, the y is by itself on the left side.
So we add 4 to isolate the y on the left to get y = 2x + 12.
So in slope-intercept form, our equation is y = 2x + 12.
