Answer: 21,000
explanation: you can round 295 to 300 and multiply 300 by 72 and you would get 21,600
The payments are ...
A = P(r/n)/(1 -(1+r/n)^(-nt))
where P is the principal amount, $699,000*0.80 = $559,200
r is the annual interest rate, 0.05
n is the number of compoundings per year, 12
t is the number of years.
Then
A = 559,200*(0.05/12)/(1 -(1 +0.05/12)^(-12*35)) = 2822.21
The total of 420 of these payments is $1,185,328.20, which is $626,128.20 more than the loan amount.
Jamie's total finance charge is about $626,128.20.
_____
There is always some minor adustment required in the amount of the last payment. That has not been taken into account here.
Answer:
boo
Step-by-step explanation:
b-o-o boo
2b because you would have to multiply which b means 1 so it will be 2b.
Answer: C 2.5%
Step-by-step explanation:
The "Rule of 72" is a easy way to calculate how much time an investment will take to double with a given fixed annual rate of interest.
Just we have to divide 72 by the annual rate of return(r), we can get a rough estimate of how many years it will take to double the initial investment .
Now, in given problem: Let 'r' be the rate of interest
Time to double the amount=29 years
Thus by rule 72 ,

Therefore, C is the right option.