1. Sharon will borrow $3400 at 11% APR. She will pay it back over 18 months. What will her monthly payment be? (Use table)
2 answers:
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
The Monthly payment is
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
The Monthly payment is
Therefore,The Monthly payment is 73.24.
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Answer:
96.33% probability that everyone who appears for the flight will get a seat
Step-by-step explanation:
I am going to use the binomial approximation to the normal to solve this question.
Binomial probability distribution
Probability of exactly x sucesses on n repeated trials, with p probability.
Can be approximated to a normal distribution, using the expected value and the standard deviation.
The expected value of the binomial distribution is:
The standard deviation of the binomial distribution is:
Normal probability distribution
Problems of normally distributed samples can be solved using the z-score formula.
In a set with mean and standard deviation
, the zscore of a measure X is given by:
The Z-score measures how many standard deviations the measure is from the mean. After finding the Z-score, we look at the z-score table and find the p-value associated with this z-score. This p-value is the probability that the value of the measure is smaller than X, that is, the percentile of X. Subtracting 1 by the pvalue, we get the probability that the value of the measure is greater than X.
When we are approximating a binomial distribution to a normal one, we have that ,
.
In this problem, we have that:
So
What is the probability that everyone who appears for the flight will get a seat
100 or less people appearing to the flight, which is the pvalue of Z when X = 100. So
has a pvalue of 0.9633
96.33% probability that everyone who appears for the flight will get a seat