1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Marysya12 [62]
3 years ago
13

Suppose that you have just graduated with $30,000 in student loan debt, at 9% annual interest, compounded monthly. You must make

a payment at the end of each month, and willbe finished paying off the loan at the end of 10 years.a. How much is each payment?
b. How much money, in total, will you end up paying by the time you have paid off the loan?
c. How much of what you will end up paying is interest?
d. [Just to think about, not to hand in: How painful is the answer to part c of this question?]
Mathematics
1 answer:
kolbaska11 [484]3 years ago
7 0

Answer:

Step-by-step explanation:

Principal amount = 30,000

I = 9% is compounded monthly ⇒ 0.09/12 = 0.0075

n= 10 years ⇒ 10* 12 = 120 periods

Formula for decreasing annuity payments is R =[ I/[1 - (1+I)^(-n)]] * P

R = 0.0075/[1 -  1.0075^(-120)] * 30,000 = $380, amount of each payment

Total amount paid is = 380*12*10 = 45600

Interest paid = Total amount - loan amount = 45600 - 30000 = 15600

You might be interested in
HELP ASASP PLEASE!!!!!!! What is the following simplified product? Assume x>/0
luda_lava [24]
Answer: Third option.
Please, see the detailed solution in the attache file.
Thanks

6 0
3 years ago
Read 2 more answers
Order the following numbers from least to greatest 1.7, -2, -11/4, -0.5, ⅔ (hint: draw a number line)
JulsSmile [24]

The answer is A. I hope this helps, have a great day!

4 0
2 years ago
Read 2 more answers
Evaluate this: -10x^0
FinnZ [79.3K]

Answer:

-10.

Step-by-step explanation:

x^0 = 1 so its -10 * 1

= -10.

4 0
3 years ago
Read 2 more answers
Gina wants to ship 3 books that weigh 2 7/16 pounds, 1 7/8 pounds and 1/2 pound. the maximum weight she can ship is 6 pounds. ho
pshichka [43]
You have to find a common denominator 1st then add. So 16 is the common denominator the problem should be 2 7/16+1 14/16+8-16= 3 29/16 then you need to divide 29/16 you will have 4 13/16
6 0
3 years ago
Read 2 more answers
1 point
SpyIntel [72]

Answer:

20

Step-by-step explanation:

IF you are asking why it is because 50-32=18 than you do 18/.90 which equals 20 so there you go thanks make brainliest

3 0
3 years ago
Other questions:
  • 9% rounded to the nearest whole number
    7·2 answers
  • What's the simplest for for 3/10
    7·1 answer
  • What do they mean by this plz help me
    13·1 answer
  • A yard is 3 times as long as it is wide. 176 feet of fencing is needed to enclose the yard. Find the dimensions of the yard
    7·2 answers
  • Question 1
    14·1 answer
  • A box of chocolate cost $24.99 Plus 7% tax. What is the final price for the box of chocolates??
    14·1 answer
  • Lizzo is building a storage container in her basement the container will have two sections that are connected how many cubic foo
    11·1 answer
  • Please help if you can <3
    7·1 answer
  • Vivi is a drummer for a band. She burns 756756756 calories while drumming for 333 hours. She burns the same number of calories e
    6·1 answer
  • Please help Lia brought 21 shirts and plants. Her total was $357. Pants cost $25 each, and shirts cost $14.50 each. How many of
    6·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!