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alex41 [277]
3 years ago
14

Suppose that you have just borrowed $200,000 using a 20-year loan with an annual interest rate of 10% arxl monthlypaymentsandmon

thlycompounding. Howmuchofyourfirstpaymentwillconsistofinterest?
Business
1 answer:
lapo4ka [179]3 years ago
4 0

Answer: $1666.67

Explanation:

Given from the question

Principal (P) = $200,000

Rate= 10%

Time= 20years

The interest (I) on the first payment is the extra money that is to be paid in addition to the principal borrowed.

The interest for the first year has the formula:

I = (P×R) ÷ 100

I= (200000×10) ÷100

I = $20,000

Therefore the extra amount to be paid on the loan of $200,000 that increases at a rate of 10% for the first year would be $20,000.

The interest compounds monthly therefore, the payment on the first month would be

First Month Interest= 20,000÷12

=$1666.67

Therefore the part of the first payment that would be interest is $1666.67.

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The plant union is negotiating with the Eagle Company, which is on the verge of bankruptcy. Eagle has offered to pay for the emp
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Answer:

d. a., b., and c.

Explanation:

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C. $3,900

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7 0
4 years ago
The newborn's vision is estimated to be _____ on the snellen eye examination chart. 20/20 20/200 20/600 20/1200
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6 0
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.

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