Step-by-step explanation:
option no 2 is correct
36 I hope is helpful
Answer:
$15.75
Step-by-step explanation:
y × 100 = 5 × 15
100y = 75
100y ÷ 100 = 75 ÷ 100
y = 0.75
$15 - $0.75
$14.25
y × 100 = 10 × 15
100y = 150
100y ÷ 100 = 150 ÷ 100
y = 1.5
$14.25 + $1.50
$15.75
Answer:
Step-by-step explanation:
<u>Given</u>
- Monthly payment P = $300
- Time t = 3 years = 36 months
- Number of payments n = 36
- Interest rate r = 12% PA = 1% per month = 0.01 times
<u>Use loan payment formula:</u>
- P = r(PV) / (1 - (1 + r)⁻ⁿ),
- where P- monthly payment, PV - present value (amount of the loan), r -rate of interest, n- number of payments
<u>Substitute values and solve for PV:</u>
- 300 = (0.01*PV) / (1 - (1 + 0.01)⁻³⁶)
- PV = 300*(1 - 1.01⁻³⁶ )/ 0.01
- PV = 9032.25 ≈ $9000 (rounded to the nearest hundred dollars)
