Answer:
Interest Rate on 2-Year Loan...$435.6
Interest Rate on 5-Year Loan...$1,452
Step-by-step explanation:
The formula for calculating simple interest is as follows.
I = P x R x T,
where I = interest
P= Principal
R= interest rate
T= time
For the loan at 4.5 percent for 2 years, the interest will be
= $4,840 x 4.5/100 x 2
= $4,840 x 0.045 x 2
= $435.6
Total cost of the loan will principal plus interest
=$435.6 + $4,840
=$5,275.6
Monthly loan cost
= $5,275.6/24
=$219.81
Total loan cost..$5,275.6
Monthly loan cost ...$219.81
For the Loan at 6 percent for 5 years, the interest will be
= $4,840 x 6/100 x 5
= $4,840 x 0.06 x 5
=$1,452
Total cost of the loan will be principal plus interest
=$ 4,840 + $1,45
=$6,292
Monthly costs will be
=$6,292/60
=$104.87
Total loan cost... $6,292
Monthly loan costs... $104.87
I think the correct one is b but I’m not sure
The midpoint of the line segment joining points S (8,3) and T (2,-1) is (5, 1)
<h3>How to determine the midpoint of the line segment joining the points?</h3>
The points are given as:
S(8,3) and T(2,-1)
The midpoint of the line segment joining points S(8,3) and T(2,-1) is calculated as:
Midpoint = 0.5 * (x1 + x2, y1 + y2)
So, we have
Midpoint = 0.5 * (8 + 2, 3 - 1)
Evaluate the sum
Midpoint = 0.5 * (10, 2)
Evaluate the product
Midpoint = (5, 1)
Hence, the midpoint of the line segment joining points S (8,3) and T (2,-1) is (5, 1)
Read more about midpoint at:
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I just answered this question. Here's my answer.
Home price is $245,000. There is no down payment mentioned.
I understand 20/4 as amortized over 20 years and balloon payment after 4 years.
Total cost would be = Balloon payment + Total monthly payment
4 years x 12 months = 48 months
Balloon payment = 216,789.79 x 1 mo = 216,789.79
Total monthly payment = 1,727.11 x 47 mos = 81,174.17
<span>Total cost = 216,789.79 + 81,174.17 = 297,963.96</span>
