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xeze [42]
3 years ago
13

Niki makes the same payment every two months to pay off his $61,600 loan. The loan has an interest rate of 9.84%, compounded eve

ry two months. If Niki pays off his loan after exactly eleven years, how much interest will he have paid in total? Round all dollar values to the nearest cent.
Mathematics
2 answers:
Alenkasestr [34]3 years ago
8 0
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
malfutka [58]3 years ago
4 0

Answer:

answer is A on edge

Step-by-step explanation:

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What is 2a - 8a = 12 - 8a
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6 0
2 years ago
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bezimeni [28]

Answer:

260 stickers

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Let Gareth's stickers be x.

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Answer:

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There is an error in clever.

<h3>What is the history of Angkor?</h3>

A dynasty of Khmer monarchs oversaw one of the biggest, wealthiest, and most advanced kingdoms in Southeast Asia's history from the city of Angkor, which served as the country's capital. The kings of Angkor ruled over a region that stretched from the tip of the Indochinese Peninsula northward to modern-day Yunnan province, China, and from Vietnam westward toward the Bay of Bengal from the last decade of the 9th century, when King Yashovarman I made Angkor his home, until the early years of the 13th century. These kings built a number of enormous structures throughout this time period to exalt themselves, their gods, and their capital city. They did this by using the enormous labour and financial resources at their disposal.

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