Which is larger 14/25 or 0.54
2 answers:
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Answer:
$25,381.94
Step-by-step explanation:
45% interest in 2 years = 45/24 = 1.875% monthly
<u>Debt at month 0</u> (when Andres got the loan)
24,320
<u>Debt at month 1</u>
24,320*(1 + 0.001875) = 24,365.6
<u>Debt at month 2</u>
24,365.6*(1.001875) - 54.110 (partial payment) = 24,357.1755
<u>Debt at month 3</u>
24,357.1755*(1.001875)
<u>Debt at month 4</u>
<u>Debt at month 5</u>
<u>Debt at month 6</u>
- 3,410 (partial payment)
= 24,540.36874
<u>Debt at month 7</u>
24,540.36874*(1.001875)
<u>Debt at month 8</u>
<u>Debt at month 9</u>
<em>and so on</em> until month 24 (the maturity)
<u>Debt at maturity</u>
= 25,381.93916 = $25,381.94 rounded to the nearest hundreth.