All categories

3 years ago

Amanda just took out a loan for $950 at a 7.2% APR, compounded monthly, to

Mathematics

1 answer:

vaieri [72.5K]3 years ago

8 0

Answer:

C. 16 months faster

Step-by-step explanation:

You can solve this using a Financial calculator( TI BA II plus in this case)

First, find number of months if recurring monthly payment is $38.50;

Amount borrowed ; PV = -950

Monthly rate ; I/Y = 7.2%/12 = 0.6%

Monthly payment; PMT = 38.50

Future value ; FV = 0

Total duration; press CPT, N = 26.785 OR 27 months

Next, find number of months if recurring monthly payment is $93;

Amount borrowed ; PV = -950

Monthly rate ; I/Y = 7.2%/12 = 0.6%

Monthly payment; PMT = 93

Future value ; FV = 0

Total duration; press CPT, N = 10.573 OR 11 months

Difference = 27 -11 = 16

Therefore, she would be able to pay off the loan 16 months faster.

You might be interested in

A delivery truck is transporting boxes of two sizes: large and small. The large boxes weigh 55 pounds each, and the small boxes

Alla [95]

Answer:

Number of small boxes is 50 and number of big boxes is 60

Step-by-step explanation:

let the number of small box represent x and the number of big box represent y

Hence total number of boxes = x + y = 110 ......................Eqn1

Total weight of boxes = 30x + 55y = 4800----------------Eqn2

Solving both equations simultaneously

From Eqn1, x = 110-y, substitute it into equation 2

Hence, 4800 = 30(110-y) + 55y

1500 = 25y

y = 60

X = 110 - 60 = 50

Number of small boxes is 50 and number of big boxes is 60

3 0

4 years ago

A triangle has a 90° angle, and the other two interior angles are congruent. Explain how to find the measure of one of the two c

alexandr1967 [171]

Answer:

45º

Step-by-step explanation:

If the two interior angles are congruent they are the same. All angles add up to 180º, so 180-90=90. 90/2=45, ergo the answer is 45º.

6 0

3 years ago

Read 2 more answers

How to tell if two lines are perpendicular

katrin [286]

ANSWER

The two lines are perpendicular if $m_1 \times m_2 = - 1$

EXPLANATION

Given two lines:

$y=m_1x+b_1$

and

$y=m_2x+b_2$

We can tell wether these two lines are perpendicular to each other using their slopes.

If the product of their slopes is -1, the then the two line are perpendicular.

For example:

The line

$y = 2x + 6$

has slope

$m_1= 2$

and the line

$y = - \frac{1}{2} x + 1$

has slope

$m_2 = - \frac{1}{2}$

The product of the two slopes is

$m_1 \times m_2 = 2 \times - \frac{1}{2}$

This implies that:

$m_1 \times m_2 = - 1$

Therefore the two lines are perpendicular.

4 0

3 years ago

The rectangle below has a total perimeter of 125 cm:

Jlenok [28]

A rectangle has four sides, two equal to the width and two equal to the length. So, the perimeter is

$p = 2w+2l$

If we know that the width is 5, and the perimeter is 125, we have

$125 = 2\cdot 5 + 2l \iff 125 = 10+2l$

In your case, the unkown is called x, but the concept is the same:

$2x+10 = 125$

where x is the length of the rectangle.

6 0

3 years ago

What integer does Point A represent?<br><br> 20 points!!

Dima020 [189]

Answer:

The integer 'A' represents -8.

6 0

3 years ago

Read 2 more answers