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I am Lyosha [343]
3 years ago
11

You just obtained a loan of $16,700 with monthly payments for four years at 6.35 percent interest, compounded monthly. What is t

he amount of each payment?
Business
1 answer:
katovenus [111]3 years ago
6 0

Answer:

$ 394.87

Explanation:

Amount payment can be calculated using the formula

c ( amount payment monthly) = rP(1+r)^n / (1+r)^n - 1

where r is the interest rate  per month = 6.35 / 12 = 0.529 / 100 = 0.00529

n = number of months = 4 × 12 = 48 months

P is the initial amount = $16,700

substitute the values into the equation

c =  0.00529 × $16,700 ( 1 + 0.00529) ⁴⁸ / (( 1 + 0.00529)⁴⁸ - 1) =  $ 394.87

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Answer:

The Correct Answer is "D"

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In economics, a good is anything that satisfies a person's needs and provides utility, such to a customer buying a satisfying product. Services that cannot be transferred and transferable products are two categories that are frequently distinguished. When a good is helpful to people but is in short supply compared to demand, it is said to be a "economic good" and requires human effort to attain.  Free things, on the other hand, like air, are always available and don't require any deliberate effort to obtain. Private goods include anything a person owns or uses on a regular basis that is unrelated to food, such as televisions, living room furnishings, wallets, cell phones, etc.

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