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The value should be used for n, the number of periods over which the loan is repaid in 60 periods.
We have to determine
In calculating the monthly payment for a five-year loan, what value should be used for n, the number of periods over which the loan is repaid, as it appears in the following formula?
<h3>What formula is used to calculate the monthly payment?</h3>The value of the monthly payment is given by;
Where,
- PV is the present value or the amount of the loan.
- i is the interest rate per period and is calculated by dividing the yearly percent rate by 100 and by the number of periods in a year.
- n is the total number of periods and is calculated as the product of the number of periods in a year times the number of years.
Therefore,
The value should be used for n, the number of periods over which the loan is repaid;
n = 6 years × 12 months/year = 60 months = 60 periods.
Hence, The value should be used for n, the number of periods over which the loan is repaid in 60 periods.
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Answer:
Kindly check explanation
Step-by-step explanation:
Calculate the 25th, 50th, and 75th percentiles.
b. Calculate the interquartile range.
c. Construct a boxplot. Are there any outliers?
Reordered data:
25, 40, 52, 55, 60, 70, 70, 72, 74, 75, 75, 80, 80, 85, 85, 86, 87, 90, 92, 99
25 th percentile :
1/4 (n + 1)th, tetm
n = 20
1/4(21) = 5.25th term
(5 + 6) th term / 2
= 65
50th percentile :
1/2 (n + 1)th, tetm
n = 20
1/2(21) = 10.5th term
(10 + 11) th term / 2
= 75
75th percentile:
3/4 (n + 1)th, tetm
n = 20
3/4(21) = 15.75th term
(15 + 16) th term / 2
= 85.5
Interquartile range :
Q3 - Q1
75th percentile - 25th percentile
85.5 - 65
= 20.5
25 is an Outlier
