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Kazeer [188]
3 years ago
12

Aphrodite took out a 30-year loan from her bank for $170,000 at an APR of 7.2%, compounded monthly. If her bank charges a prepay

ment fee of 6 months' interest on 80% of the balance, what prepayment fee would Aphrodite be charged for paying off her loan 12 years early?
Mathematics
1 answer:
lora16 [44]3 years ago
7 0
It's 3246.74 --- APEX
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Option C

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<em><u>Solution:</u></em>

Given that we have to simplify the expression shown below

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Let us first convert 0.00048 to scientific notation

<em><u>Steps to follow:</u></em>

Move the decimal point in your number until there is only one non-zero digit to the left of the decimal point. The resulting decimal number is a.

Count how many places you moved the decimal point. This number is b.

If you moved the decimal to the left b is positive.

If you moved the decimal to the right b is negative.

If you did not need to move the decimal b = 0.

Write your scientific notation number as a x 10^b and read it as "a times 10 to the power of b."

Remove trailing 0's only if they were originally to the left of the decimal point.

0.00048 = 4.8 \times 10^{-4}

So the given expression becomes,

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Let us make the exponent of second term as -4

\rightarrow 4.8 \times 10^{-4} - 0.34 \times 10^{-4}

Take 10^{-4} as common term,

\rightarrow 10^{-4} (4.8 - 0.34)

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