Match the equivalent expressions.
1 answer:
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Susan's monthly payment will be $117.93.
We have Susan take out a personal loan for $3,500 at an interest rate of 13% compounded monthly.
P=3500
r=30%
t=3
<h3>What is the amortization formula?</h3>
Where A is the payment,
P= principal,
r =the annual interest rate
t is the number of years.
use the given value in the formula we get
A=117.9288
A= 117.93
Susan's monthly payment will be $117.93.
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Answer:
61 commuters must be randomly selected to estimate the mean driving time of Chicago commuters.
Step-by-step explanation:
Given : We want 95% confidence that the sample mean is within 3 minutes of the population mean, and the population standard deviation is known to be 12 minutes.
To find : How many commuters must be randomly selected to estimate the mean driving time of Chicago commuters?
Solution :
At 95% confidence the z-value is z=1.96
The sample mean is within 3 minutes of the population mean i.e. margin of error is E=3 minutes
The population standard deviation is s=12 minutes
n is the number of sample
The formula of margin of error is given by,
Substitute the value in the formula,
Squaring both side,
Therefore, 61 commuters must be randomly selected to estimate the mean driving time of Chicago commuters.