Answer:
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Answer:
Ice melting doesn't change its chemical property so it's a physical change
Monthly payment = $1774.71
Effective annual rate = 7.02%
The equation for a loan payment is
P = r(PV)/(1-(1+r)^(-n))
where
P = Payment per period
PV = Present value
r = interest rate per period
n = number of periods
Since the 6.8% interest rate is APR, we need to divide by 12 to get the interest per month. So in the above equation r = 0.068/12 = 0.005666667, the number of periods is 48 and the Present Value is 74400. Let's plug in the numbers and calculate.
P = r(PV)/(1-(1+r)^(-n))
P = 0.00566666666666667(74400)/(1-(1+0.00566666666666667)^(-48))
P = 421.6/(1-(1.00566666666666667)^(-48))
P = 421.6/(1-0.762439412691304)
P = 421.6/0.237560587308696
P = 1774.70516
So the month payment rounded to 2 decimal places is $1774.71
The effective interest rate is
ER = (1 + r/12)^12 - 1
Let's plug in the numbers and calculate.
ER = (1 + 0.068/12)^12 - 1
ER = (1 + 0.00566666666666667)^12 - 1
ER = (1.00566666666666667)^12 - 1
ER = 1.07015988024972 - 1
ER = 0.07015988024972 = 7.015988024972%
So after rounding, the effective interest rate is 7.02%
Answer:
Casey can buy 50 pound of fish and 30 pounds of shrimp.
Explanation:
you divide 150 by 3 and you get 50. For shrimp you divide 150 by 5 and you get 30.
