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GrogVix [38]
4 years ago
7

Kate took out a subsidized Stafford loan worth $9,710 to pay for college. The interest rate on the loan was 5.9%, compounded mon

thly. It took Kate 5 years to pay off the loan after graduation. What portion of the total amount she paid represented the interest?
Mathematics
2 answers:
Strike441 [17]4 years ago
8 0
C. 1,526.22 is the correct answer hope this helped
defon4 years ago
7 0
Since the loan is subsidized, the loan will only take in interest after graduation and when Kate starts paying for the loan.
The interest is 5.9% compounded monthly which in effective rate is 6.06%
The worth of the loan after 5 years is
($9,710) (1 + 0.0606)^5 = $13,032.33
The portion of the total amount she pain for the interest is
($13,032.33 - $9,710) / $13,032.33 * 100 = 25.49%
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Answer:

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Step-by-step explaanation:

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Let X be the random variable that represents a row score, we find the values we are seeking in the following way

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P(X\leq x_{0}) = \int\limits^{x_{0}}_{-\infty} {f(x)} \, dx = 0.65, this number is x_{0}=37.31

you can find this answer using the R statistical programming languange and the instruction qnorm(0.65, mean = 35, sd = 6)

b) we are looking for a number  x_{1} such that

P(X\leq x_{1}) = \int\limits^{x_{1}}_{-\infty} {f(x)} \, dx = 0.9, this number is x_{1}=42.70

you can find this answer using the R statistical programming languange and the instruction qnorm(0.9, mean = 35, sd = 6)

c) we find this probability as

P(28\leq X\leq 38)=\int\limits^{38}_{28} {f(x)} \, dx = 0.57

you can find this answer using the R statistical programming languange and the instruction pnorm(38, mean = 35, sd = 6) -pnorm(28, mean = 35, sd = 6)

d) we find this probability as

P(41\leq X\leq 44)=\int\limits^{44}_{41} {f(x)} \, dx = 0.09

you can find this answer using the R statistical programming languange and the instruction pnorm(44, mean = 35, sd = 6) -pnorm(41, mean = 35, sd = 6)

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12.0 is the answer I think
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