A certain college graduate borrows 5510 dollars to buy a car. The lender charges interest at an annual rate of 17%. Assuming tha
1 answer:
Answer:
His annual payment rate required to pay off the loan in 7 years is a year.
He has to pay $11026.85 in interest
Step-by-step explanation:
The first step to solve this problem is find how much the student will have to pay for the car. So, we have to find how much the present value of the car(in $) will be worth in 7 years. This is a compound interest problem:
The compound interest formula is given by:
Where A is the amount of money, P is the principal(the initial sum of money), r is the interest rate(as a decimal value), n is the number of times that interest is compounded per unit t and t is the time the money is invested or borrowed for.
In this exercise, we have:
A = The value we want to find
P = The initial value = 5510
r = 0.17
n = 1
t = 7
So
In a seven year period, he has to pay $16536.85. Per year, he has to pay a rate k of:
His annual payment rate required to pay off the loan in 7 years is
How much does he pay in interest?
His loan is $5510 and he has to pay $16536.85. So, in interest, he has to pay
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Answer:
0.82 = 82% probability that at least one party will not order drinks
Step-by-step explanation:
For each party, there are only two possible outcomes. Either they will order drinks with their meal, or they will not. The probability of a party ordering drinks with their meal is independent of other parties. So the binomial probability distribution is used to solve this question.
Binomial probability distribution
The binomial probability is the probability of exactly x successes on n repeated trials, and X can only have two outcomes.
In which is the number of different combinations of x objects from a set of n elements, given by the following formula.
And p is the probability of X happening.
When Ryan is serving at a restaurant, there is a 0.75 probability that each party will order drinks with their meal.
This means that
During one hour, Ryan served 6 parties. Assuming that each party is equally likely to order drinks, what is the probability that at least one party will not order drinks?
6 parties, so n = 6.
Either all parties will order drinks, or at least one will not. The sum of the probabilities of these events is decimal 1. So
We want P(X < 6). So
In which
0.82 = 82% probability that at least one party will not order drinks
Answer:
248.96
Step-by-step explanation:
From this regression output we have the MS Residual or mean squared error to be equal to 61983.1
the question requires us to find the standard error of the estimate. The standard error of the estimate can be gotten by finding the square root of the MSE.
= 248.96
the standard error of the estimate = 248.96
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