1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Kipish [7]
3 years ago
7

Brainliest + Points!

Mathematics
1 answer:
Yuri [45]3 years ago
7 0

Answer:

for new car loans at 2.79% the present value is $15879.04

for old car loans at 3.29 the present value is $15721.34

Step-by-step explanation:

 

firstly we use the present value annuity formula for this problem as there is future consistent payments that will be done and so we want to evaluate the present value for these two interest rates that are given respectively which is 2.79% and 3.29% which is compounded annually. therefore we will start by calculating the present value for payments on a new car loan.

we are given that she does not want to pay more than $350 per month therefore this gives us the future payments per month of $350 and now we know that the interest rates must be adjusted to monthly compounding so we will use this present value annuity formula:

Pv = C[(1-(1+i)^n)/i]

we will substitute values as follows ;

Pv is the present value we are looking for for the new car loan

C is the periodic payments which is the $350 per month she can afford.

i is the interest rate adjusted to monthly rate which is 2.79%/12

n is the number of payments made so 4years x 12 months = 48 months that she will be repaying the loan.

Pv = 350[(1-(1+(2.79%/12))/(2.79%/12)] then compute on calculator.

Pv = $15879.04 this is the maximum amount she can take for a new car loan.

then for the old car loan we only change i from the above interest to 3.29%/12 then substitute all the other values the same to the above mentioned present value formula.

Pv = 350[(1-(1+(3.29%/12))/(3.29%/12)]

Pv= $15721.34 so this is the maximum amount she can take for an old car loan.

You might be interested in
Help show work <br><br> A 85.7%<br> B 21.1%<br> C64.6%<br> D 35.4%
maksim [4K]

Answer:

C

Step-by-step explanation:

6 0
2 years ago
Solve for x. Round to the nearest tenth of a degree, if necessary.
kakasveta [241]

Answer:

x ≈ 52.1°

Step-by-step explanation:

Using the tangent ratio in the right triangle

tan x = \frac{opposite}{adjacent} = \frac{KL}{LM} = \frac{36}{28} , then

x = tan^{-1} (\frac{36}{28} ) ≈ 52.1° () to the nearest tenth )

6 0
3 years ago
5) a = 9, a = 34, n = 6
Stella [2.4K]

I need more info

Step-by-step explanation:

6 0
3 years ago
Which is the larger amount?<br> A) 5 cups<br> B) 500 milliliters
kvasek [131]

Answer:

a

Step-by-step explanation:

8 0
3 years ago
Help for brainliest
Troyanec [42]

Answer:

sorry don't know but hope you have a amazing year

6 0
3 years ago
Other questions:
  • The base of a solid SSS is the region bounded by the ellipse 4x^2+9y^2=364x 2 +9y 2 =364, x, squared, plus, 9, y, squared, equal
    7·1 answer
  • Write -4 3/8 as a decimal
    11·2 answers
  • How do you simplify y6x5y4xy?
    10·1 answer
  • A car driving on a straight track accelerates at a rate of 3.2 m/s2 for 14 s. If the initial velocity of the car was 5.1 m/s, an
    8·1 answer
  • The perimeter of an isosceles triangle is 33 meters. The length of one side is 3 meters longer than the length of the other two
    15·1 answer
  • Please help me I'm so stupid
    14·1 answer
  • A3-9a2b + ab - 9b2<br><br> Can someone help please
    7·1 answer
  • The length of a room is 2 1/2 feet more than its width. If the perimeter of the room is 80 feet, find its width and length?​
    6·1 answer
  • Andrea withdrew $40 each week from her account she made no deposits that account is now at zero dollars write a numeric equation
    11·1 answer
  • A gas tank in a car has a capacity of
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!