<span>Monthly Interest = Yearly Interest / 1200
Interest Paid = Previous Balance * Monthly Interest Rate
</span>Equity = Monthly Payment -Interest Paid
New Balance = Previous Balance -Equity
Monthly Interest =
<span>
<span>
0.004125
</span>
</span>
After the FIRST payment
Interest Paid = 125,600.00 * .004125
<span>Interest Paid = 518.10
Equity = 1,500.00 - 518.10
Equity = </span>
<span>
<span>
981.9</span></span>0
New Balance = 125,600.00 -981.90
<span>
<span>
124,618.10
</span>
</span>
After the SECOND payment
Interest Paid = 124,618.10 * .004125
<span>
</span>Interest Paid = <span><span>514.05
</span>
</span>
<span>Equity = 1,500.00 - 514.05
</span><span>Equity = 985.95
</span>
New Balance = <span>124,618.10 -985.95 =
</span><span><span>123,632.15
</span>
</span>
Answer is B
I guess they want it for the BEGINNING of the third month and this is it.
I calculated it for the END of the third month so here it is.
After the THIRD payment
Interest Paid = <span>123,632.15 * .004125
</span>Interest Paid = <span><span>509.98
</span>
</span>
Equity = 1,500.00 - 509.98
Equity =
<span>
<span>
990.02
</span>
</span>
<span>New Balance = 123,632.15 -990.02 =
</span><span><span>122,642.13
</span>
</span>
Source:
http://www.1728.org/loanmath.htm
Answer:
The minimum sample size required is 461.
Step-by-step explanation:
In a sample with a number n of people surveyed with a probability of a success of , and a confidence level of , we have the following confidence interval of proportions.
In which
z is the zscore that has a pvalue of .
The margin of error is:
99% confidence level
So , z is the value of Z that has a pvalue of , so .
An interval estimate of the proportion p with a margin of error of 0.06. What is the minimum sample size required?
The minimum sample size required is n, which is found when M = 0.06.
We don't have an estimate for the true proportion, which means that we use . So
Rounding up
The minimum sample size required is 461.