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hichkok12 [17]
3 years ago
15

Joe is considering taking out along with the principal of $15,500 From one of two banks. Bank A charges and interest rate of 6%,

compounded monthly, and requires at the loan be paid off in eight years. Bank B charged as an interest rate of 6.5%, compounded monthly, and requires that the loan be paid off in seven years. What are the benefits for each banks offer in terms of payment amounts and/or amounts paid?
Bank A_________________
Bank B_________________
Please answer step by step as thoroughly as you can. I would greatly appreciated it.
Mathematics
1 answer:
ki77a [65]3 years ago
3 0

Answer:

Step-by-step explanation:

We would apply the formula for determining compound interest which is expressed as

A = P(1+r/n)^nt

Where

A = total cost of the loan at the end of t years

r represents the interest rate.

n represents the periodic interval at which it was compounded.

P represents the principal or initial amount taken as loan.

Considering bank A's offer

From the information given,

P = $15500

r = 6% = 6/100 = 0.06

n = 12 because it was compounded 12 times in a year.

t = 8 years

Therefore,

A = 15500(1 + 0.06/12)^12 × 8

A = 15500(1 + 0.005)^96

A = 15500(1.005)^96

A = $25019.2

The interest paid is

25019.2 - 15500 = $9519.2

Considering bank B's offer

From the information given,

P = $15500

r = 6.5% = 6.5/100 = 0.065

n = 12 because it was compounded 12 times in a year.

t = 7 years

Therefore,

A = 15500(1 + 0.065/12)^12 × 7

A = 15500(1 + 0.0054)^84

A = 15500(1.0054)^84

A = $24366

The interest paid is

24366 - 15500 = $8866

The interest that would by paid on bank B's offer is lower than that of bank A and the duration of the loan offer from bank B is shorter than that of bank A.

Therefore,

Bank A gives you more time to pay up the loan and you end up paying more interest

Bank gives you lesser time to pay up the loan and you end up paying lesser interest.

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. A population of rabbits oscillates 25 above and below an average of 129 during the year, hitting the lowest value in January (
Burka [1]

Answer:

Because we know that here we have an oscillation, we can model this with a sine or cosine function.

P = A*cos(k*t) + M

where:

k is the frequency

A is the amplitude

M is the midline

We know that at t = 0, we have the lowest population.

We know that the mean is 129, so this is the midline.

We know that the population oscillates 25 above and below this midline,

And we know that for t = 0 we have the lowest population, so:

P = A*cos(k*0) + 129 = 129 - 25

P = A + 129 = 129 - 25

A = -25

So, for now, our equation is

P = -25*cos(k*t) + 129

Because this is a yearly period, we should expect to see the same thing for t = 12 (because there are 12 months in one year).

And remember that the period of a cosine function is 2*pi

Then:

k*12 = 2*pi

k = (2*pi)/12 = pi/6

Finally, the equation is:

P = -25*cos(t*pi/6) + 129

Now we want to find the lowest population was in April instead:

if January is t = 0, then:

February is t = 2

March is t = 3

April is t = 4

Then we would have that the minimum is at t = 4

If we want to still use a cosine equation, we need to use a phase p, such that now our equation is:

P = -25*cos(k*t + p) + 129

Such that:

cos(k*4 + p) = 1

Then:

k*4 + p = 0

p =  -k*4

So our equation now is:

P = -25*cos(k*t  - 4*k) + 129

And for the periodicity, after 12 months, in t = 4 + 12 = 16, we should have the same population.

Then, also remembering that the period of the cosine function is 2*pi:

k*12 - 4*k = 2*pi

k*8 = 2*pi

k = 2*pi/8 = pi/4

And remember that we got:

p = -4*k = -4*(pi/4) = -pi

Then the equation for the population in this case is:

P = -25*cos( t*pi/4 - pi) + 129

7 0
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Answer:

-0,1 > - 2/3

Step-by-step explanation:

-0,1 > - 2/3

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I'm quite confused on how to solve 4 to the -2nd power. Could someone help?
leonid [27]
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Chris Johnson ran the 40- yard dash in 4.24 seconds. What is the rate of speed? Round any answer to the nearest hundredth
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What are some Ratios equivalent to 3:12
Liula [17]

Answer:

6:24

1:4

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Step-by-step explanation:

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