Since only the principal value, interest rate and interest period are given, we can deduce that "finance charge" only includes the interest to be paid at the end of the term. This can be obtained by subtracting the principal value from the future value which we will solve for.
The future value can be solved by using the following compound interest formula:
Let:
F = Future value
P = Principal value
r<span> = annual interest rate </span>
n<span> = number of times that interest is compounded per year</span>
t<span> = number of years</span>
F = P(1 + r/n)^nt
Substituting the given values:
F = 4250(1 + 0.1325/12)^(12*2)
F = 5531.54
Subtracting P from F:
Finance charge = 5531.54 - 4250 = 1281.54
Therefore the finance charge is $1,281.54
Mortgage collateral is the asset that secures the mortgage loan. Traditionally, the mortgage collateral is the asset the loan finances. If you fail to make payments to your lender on the loan, your lender has the option to claim ownership of the property due to its security interest.
Answer:
6. b. 50
7. d. 12
Step-by-step explanation:
6. 80% is equal to 0.8.
0.8x =40.
Divide 0.8 by 40 to get x.
x=50.
7. If he needs 3 eggs for 30 cookies, we divide 120 by 30 to get 4.
We multiply 4*3 to find the total amount of eggs needed.
4*3= 12
Your Answer Is...
14.
Why?
This Is Correct Because.... Median = Middle. So, the middle of the 9 numbers is 14.
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