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Lubov Fominskaja [6]

3 years ago

15

Andres Michael bought a new boat. He took out a loan for S24 320 at 45% interest for 2 years. He made a 54.110 partial payment a

t 2 months and another partial payment of $3.410 at 6 months. How much is due at maturity? (Do not round intermediate calculations

1 answer:

AleksAgata [21]3 years ago

8 0

Answer:

$25,381.94

Step-by-step explanation:

45% interest in 2 years = 45/24 = 1.875% monthly

<u>Debt at month 0</u> (when Andres got the loan)

24,320

<u>Debt at month 1</u>

24,320*(1 + 0.001875) = 24,365.6

<u>Debt at month 2</u>

24,365.6*(1.001875) - 54.110 (partial payment) = 24,357.1755

<u>Debt at month 3</u>

24,357.1755*(1.001875)

<u>Debt at month 4</u>

$24,357.1755*(1.001875)^2$

<u>Debt at month 5</u>

$24,357.1755*(1.001875)^3$

<u>Debt at month 6</u>

$24,357.1755*(1.001875)^4$ - 3,410 (partial payment)

= 24,540.36874

<u>Debt at month 7</u>

24,540.36874*(1.001875)

<u>Debt at month 8</u>

$24,540.36874*(1.001875)^2$

<u>Debt at month 9</u>

$24,540.36874*(1.001875)^3$

<em>and so on</em> until month 24 (the maturity)

<u>Debt at maturity</u>

$24,540.36874*(1.001875)^{18}$

= 25,381.93916 = $25,381.94 rounded to the nearest hundreth.

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