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
snow_lady [41]
3 years ago
9

How do you find the interest of a car

Mathematics
1 answer:
lisabon 2012 [21]3 years ago
8 0

Answer:

hese loans are called amortizing loans - which means that the mathematical whizzes at your bank have worked them out so that you pay a set amount each month and at the end of your loan term, you’ll have paid off both interest and principal.

You can use an interest calculator to work out how much interest you’re paying all up, or, if you’d rather do it by hand, here’s how:

1. Divide your interest rate by the number of payments you’ll make in the year (interest rates are expressed annually). So, for example, if you’re making monthly payments, divide by 12.

2. Multiply it by the balance of your loan, which for the first payment, will be your whole principal amount.

This gives you the amount of interest you pay the first month.

So for example, on a personal loan of $30,000 over a period of 6 years at 8.40% p.a. and making monthly repayments:

Because you’ve now begun to pay off your principal, to work out the interest you pay in the following months, you need to first calculate your new balance. So:

1. Minus the interest you just calculated from the amount you repaid. This gives you the amount that you have paid off the loan principal.

2. Take this amount away from the original principal to find the new balance of your loan.

To work out ongoing interest payments, the easiest way is to break it up into a table. So using the above example, your calculations might look like this:

Month Starting balance Repayment Interest paid Principal paid New balance

1 $30,000 $532 $210 $322 $29,678

2 $29,678 $532 $207.75 $324.25 $29,353.75

3 $29,353.75 $532 $205.48 $326.52 $29,027.23

4 $29,027.23 $532 $203.19 $328.81 $28,698.42

5 $28,698.42 $532 $200.89 $331.11 $28,367.31

You might be interested in
Two friends divide 4/4 of a cake equally. What's the fraction of the divided cake?
Neporo4naja [7]
The cake is divided into 4 equal parts,
\frac{4}{4}=4( \frac{1}{4})
So each divided part of the cake is a fraction of \frac{1}{4}
Hope this helps!
7 0
3 years ago
Read 2 more answers
PLZ HELP ASAP!
Tanzania [10]
The answer you’re looking for is true
7 0
2 years ago
Plsss help ASAP I DONT have time..
GaryK [48]
Approximately 8.9
Hope this is right good luckkkkkk :)
8 0
3 years ago
Which is the constant of proportionality for the data in the table?
Lisa [10]

Answer:

C) 6

Step-by-step explanation:

From the given data we can find the constant of proportionality by dividing The number of people by number of cars.

Constant of proportionality = \frac{\textrm{Number of people}}{\textrm{Number of cars}}

Taking any point from the table will give the same constant of proportionality as they are proportional quantities.

Constant of proportionality = \frac{18}{3}=\frac{30}{5}=\frac{36}{6}=\frac{48}{8}=6

This can be written as 6 people per car.

For 10 cars, number of people will be =10\times 6=60 people.

5 0
3 years ago
Gimmie a chance gimmie a chance
umka2103 [35]

Answer:

gimme one more chance gimme one more chance

Step-by-step explanation:

5 0
3 years ago
Other questions:
  •  Joe's water tower leaks 0.6 liters of water per day. How much water is lost over 12 dayspp​
    9·1 answer
  • Will mark brainliest!!!!!<br> complete this statement<br> 15x^4a^2+20x^2a^3=5x^2a^2 ( )
    12·1 answer
  • What is 1 8th divided by 2
    5·2 answers
  • Adam has been asked to post a parcel for a family member. He has been told that the parcel weighs 12 lbs 8 oz. 1lb = 16 oz 1lb =
    15·1 answer
  • Sydney bought three bottles of glitter each bottle of glitter cost six dollars how much did Sydney spend on the bottles of glitt
    8·2 answers
  • What is the product?<br> 7•(-3)
    5·1 answer
  • to find 7.5% of $27, multiply the decimal form by 27. Write an expression that can be used to find 7.5% of 27 ​
    8·2 answers
  • Please solve 3x = 81
    15·2 answers
  • Find the sum of the infinite geometric series 3 + 12 + 48 + 192 + ...
    10·1 answer
  • Evaluate the expression when y=1 <br> expression: 5y​
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!