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3 years ago

1. Sharon will borrow $3400 at 11% APR. She will pay it back over 18 months. What will her monthly payment be? (Use table)

Mathematics

2 answers:

Darina [25.2K]3 years ago

6 0

Answer:

1) The Monthly payment is 220.06.

2) The Monthly payment is 73.24.

Step-by-step explanation:

1) Given : Sharon will borrow $3400 at 11% APR. She will pay it back over 18 months.

To find : What will her monthly payment be?

Solution : Amount is $3400 , APR = 11% , Time= 18 months

From the table 1 we can see at 11% APR and in 18 months the interest per $100 is 16.50 (Marked in attached table 1)

So, The total interest is

$I=16.50\times 34 = 561$

The Monthly payment is $M= \frac{A+I}{t}$

$M=\frac{3400+ 561}{18}=220.06$

Therefore,The Monthly payment is 220.06 Option B is correct.

2) Given : Patrick will borrow $4300 at 11.5% APR. He will pay it bak over 5 years.

To find : What will her monthly payment be?

Solution : Amount is $4300 , APR = 11.5% , Time= 5 years

From the table 2 we can see at 11.5% APR and in 5 years the interest per $100 is 2.199 (Marked in attached table 2)

So, The total interest is

$I=2.199\times 43 =94.557$

The Monthly payment is $M= \frac{A+I}{t}$

$M=\frac{4300+94.557}{5\times 12}=73.24$

Therefore,The Monthly payment is 73.24.

solong [7]3 years ago

5 0

Answer:

1. The answer is 220.06

2. Then the monthly payment for $4,300 would be: $4,300/100 x $2.199 =$94.56

Step-by-step explanation:

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Find the vertex, focus, and directrix. y = 1/24(x+1)² - 3.

Vedmedyk [2.9K]

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$Its \ standard \ form: \\(x-h)^2=4p(y-k)\\ (h,k)=(x,y) \ coordinates \ of \ the \ vertex\\\ (h,k)=(-1,-3) \\\\axis \ of \ symmetry: \ x= -1\\ \\4p=24\ \ /:4\\p=6$

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6 0

3 years ago

Read 2 more answers

10+4.5m=21.25 Solve for M

enyata [817]

Answer:

m = 2.5

Step-by-step explanation:

10 + 4.5m = 21.25
=> 4.5m = 21.25 - 10
=> 4.5m = 11.25
=> m = 11.25/4.5
=> m = 2.5

Conclusion:

Therefore, m = 2.5

Hoped this helped.

$GeniusUser$

8 0

3 years ago

For a certain river, suppose the drought length Y is the number of consecutive time intervals in which the water supply remains

AnnZ [28]

Answer:

a) There is a 9% probability that a drought lasts exactly 3 intervals.

There is an 85.5% probability that a drought lasts at most 3 intervals.

b)There is a 14.5% probability that the length of a drought exceeds its mean value by at least one standard deviation

Step-by-step explanation:

The geometric distribution is the number of failures expected before you get a success in a series of Bernoulli trials.

It has the following probability density formula:

$f(x) = (1-p)^{x}p$

In which p is the probability of a success.

The mean of the geometric distribution is given by the following formula:

$\mu = \frac{1-p}{p}$

The standard deviation of the geometric distribution is given by the following formula:

$\sigma = \sqrt{\frac{1-p}{p^{2}}$

In this problem, we have that:

$p = 0.383$

$\mu = \frac{1-p}{p} = \frac{1-0.383}{0.383} = 1.61$

$\sigma = \sqrt{\frac{1-p}{p^{2}}} = \sqrt{\frac{1-0.383}{(0.383)^{2}}} = 2.05$

(a) What is the probability that a drought lasts exactly 3 intervals?

This is $f(3)$

$f(x) = (1-p)^{x}p$

$f(3) = (1-0.383)^{3}*(0.383)$

$f(3) = 0.09$

There is a 9% probability that a drought lasts exactly 3 intervals.

At most 3 intervals?

This is $P = f(0) + f(1) + f(2) + f(3)$

$f(x) = (1-p)^{x}p$

$f(0) = (1-0.383)^{0}*(0.383) = 0.383$

$f(1) = (1-0.383)^{1}*(0.383) = 0.236$

$f(2) = (1-0.383)^{2}*(0.383) = 0.146$

Previously in this exercise, we found that $f(3) = 0.09$

$P = f(0) + f(1) + f(2) + f(3) = 0.383 + 0.236 + 0.146 + 0.09 = 0.855$

There is an 85.5% probability that a drought lasts at most 3 intervals.

(b) What is the probability that the length of a drought exceeds its mean value by at least one standard deviation?

This is $P(X \geq \mu+\sigma) = P(X \geq 1.61 + 2.05) = P(X \geq 3.66) = P(X \geq 4)$ .

We are working with discrete data, so 3.66 is rounded up to 4.

Either a drought lasts at least four months, or it lasts at most thee. In a), we found that the probability that it lasts at most 3 months is 0.855. The sum of these probabilities is decimal 1. So:

$P(X \leq 3) + P(X \geq 4) = 1$