Buffy is considering taking out a 14-year loan with monthly payments of $165 at an APR of 2.3%, compounded monthly, and this equ
ates to a loan of $23,680.66. Assuming that Buffy's monthly payment and the length of the loan remain fixed, which of these is a correct statement?
2 answers:
Answer:
The correct answer is B) If the interest rate were 2.9%, the amount of the loan that Buffy is considering would be less than $23,680.66.
PVAO=p [(1-(1+I/k)^(-kn) /(I/k)]
P payments 165
I interest rate
K compounded monthly
N time 9
165×((1−(1+0.027÷12)^(−12×14))÷(0.027÷12))
=23,061.76
165×((1−(1+0.029÷12)^(−12×14))÷(0.027÷12))
=24,446.65...correct
165×((1−(1+0.025÷12)^(−12×14))÷(0.027÷12))
=21,637.39
165×((1−(1+0.021÷12)^(−12×14))÷(0.027÷12))
=18,665.68 .....correct
The answers are b d
You might be interested in
The answer is probably 590,000 because isn't it subtraction
3x^2+-8
This answer for (3x+4) (x-2)
It would be equal to 4
Hope this helps!
Answer:
y=92
Step-by-step explanation:
Divided both sides by the numeric factor on the left side, then solve.
y = 92
Add 12.18 to both sides so you have 2.14x= 6.52, the you divide both sides by 2.14 so the answer is 6.52/2.14 which is 3.05 rounded
