Ask question

Ask question

All categories

3 years ago

15

Tamora has just graduated from college. When she entered college four years ago, she took out a $9,100 subsidized Stafford loan,

which has a duration of ten years. The loan has an interest rate of 5.4%, compounded monthly. If Tamora makes monthly payments, how much interest will she have paid in total by the time the loan is paid off? Round all dollar values to the nearest cent.

2 answers:

rewona [7]3 years ago

7 0

Answer:

The total interest amount that Tamora will have paid in 10 years=$6.496.76

Step-by-step explanation:

Step 1: Express the formula for calculating total amount of interest

The total amount of interest to be paid can be expressed as;

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

where;

A=total amount of interest

P=principal amount of loan

r=annual interest rate

n=number of compounding periods in a year

t=number of years

In our case;

P=$9,100

r=5.4%=5.4/100=0.054

n=12

t=10 years

Step 2: Replace the values and solve

A=9,100{(1+0.054/12)^(12×10)}-9,100

A=9,100{(1.0045)^120}-9,100

A=6,496.757596

The amount rounded off to nearest cent 1/100=0.01 is the same as rounding off to nearest decimal places

A=$6.496.76

The total interest amount that Tamora will have paid in 10 years=$6.496.76

vitfil [10]3 years ago

5 0

Answer:

Answer is A: $2,697.20 just took the quiz and good luck out there students!

Step-by-step explanation:

You might be interested in

What is the smallest number you can make using the digits : 8216375

koban [17]

I think I would be 1235678.....But I'm not sure... Hope this was helpful

7 0

4 years ago

Read 2 more answers

Pls help me so I can pass

Sholpan [36]

Answer:

A

Step-by-step explanation:

V = (0.04)*H (Company P)

V = (0.06)*H (Company S)

V represents the vacation hours and H is the hours worked

If they both work 2080 hours

V1 = (0.04)*(2080) = 83.2 vacation hours (Company P)

V2 = (0.06)*(2080) = 124.8 vacation hours (Company S)

124.8 - 83.2 = 41.6 hrs

6 0

3 years ago

Read 2 more answers

What is the gradient of the graph shown below. Give answer in simplest for

katovenus [111]

Answer:

1

Step-by-step explanation:

Choose two points on the line: (-5, 0) and (0, 5)

Let the first point $(x_1,y_1)$ = (-5, 0)

Let the second point $(x_2,y_2)$ = (0, 5)

Use the gradient formula:

$\textsf{gradient}=\dfrac{y_2-y_1}{x_2-x_1}=\dfrac{5-0}{0-(-5)}=1$

----------------------------------------------------------------------------------------------------

If you want to find the equation of the line, use the point-gradient form of a linear equation: $y-y_1=m(x-x_1)$

(where $m$ is the gradient and $(x_1,y_1)$ is a point on the line)

Substituting the values into the formula:

$\implies y-0=1(x-(-5))$

$\implies y-0=x+5$

$\implies y=x+5$

Therefore, the equation of the line is y = x + 5

3 0

2 years ago

Your friend says the solution to 6x + 19x - 3 = 5(5x + 6) is x = 33. Solve 6x + 19x-3 = 5(5x + 6). What was your friend's likely

mr_godi [17]

Answer: Forgot to divide at the end

Step-by-step explanation:

To figure out your friend's error, solve the equation yourself.

Distribute the 5 to get 25x+30
Combine like terms in the first equation toget 25x-3=25x+30
Add 3 to the other side.

When we do this, we realize adding 3 would make it 33. This shows that the friend likely forgot to divide by 25 to completely isolate x, and stopped at that step.

3 0

3 years ago

At the beginning of a population study, a city had 390,000 people. Each year since, the population has grown by 7.3% . Let t be

Xelga [282]

T=number of years since start of the study.
y=city´s population.

first year:
y=390,000+0.073(390,000)=390,000(1+0.073) (=418470)

Second year:
y=(390,000(1+0.073) + 0.073(390,000(1+0.073) =
=390,000(1+0.073) (1+0.073)
=390,000(1+0.073)²
(≈449,018.31)

Third year: if you calculate it you would have:
y=390,000(1+0.073)³

Fourth year: if you compute it you would have:
y=390,000 (1+0.073)⁴

t th year:
y=390,000(1+0.073)^t

Answer: y=390,000(1+0.073)^t

6 0

3 years ago