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Rama09 [41]
3 years ago
13

I need your help please!

Mathematics
1 answer:
irga5000 [103]3 years ago
3 0

Answer:

Step-bye-step explanation:

3/10 inch = 7/8miles

1inch = 7/8÷ 3/10 miles

= 7/8 × 10/3

= 35/12miles

= 2 11/12

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Using it's formula, it is found that the monthly payments for the loan of the apartment is of $7,260.50.

<h3>What is the monthly payment formula?</h3>

It is given by:

A = P\frac{\frac{r}{12}\left(1 + \frac{r}{12}\right)^n}{\left(1 + \frac{r}{12}\right)^n - 1}

In which:

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In this problem, the parameters are given as follows:

P = 500000, r = 0.123, n = 12 x 10 = 120.

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r/12 = 0.123/12 = 0.01025.

Then, the monthly payments will be of:

A = P\frac{\frac{r}{12}\left(1 + \frac{r}{12}\right)^n}{\left(1 + \frac{r}{12}\right)^n - 1}

A = 500000\frac{0.01025(1+0.01025)^{120}}{(1+0.01025)^{120} - 1}

A = 7260.50.

More can be learned about the monthly payment formula at brainly.com/question/26267630

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