Hank and Lynn are both paying off car loans . • Hank paid $ 2,000 up front when he bought his car , and he pays $ 200 each month
1 answer:
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Answer: the average rate of change is 4.
Step-by-step explanation:
The average rate of change is the slope. Therefore, you must use the following formula for calculate the slope:
As you can see in the table, when x=5, y=-2 and when x=9, y=14. Then the points you must substitute into the formula are:
(5,-2) and (9,14)
Then, you obtain:
The monthly amortization is P23,511.63
<h2>Compound interest</h2>The formula for calculating the compound interest is expressed as:
whrere:
- P is the principal = P700,000
- r is the rate = 12% = 0.12
- t is the time = 4 years
- n = 12
Substitute the parameters
Calculate the monthly payment:
Monthly payment =
Hence the monthly amortization is P23,511.63
Learn more on compound interest here: brainly.com/question/24924853