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Alexus [3.1K]
3 years ago
5

Sam is paying off his eight-year, $15,360 loan in semiannual installments. The loan has an interest rate of 9.58%, compounded se

miannually, and a service charge of $1,294.64. Once the loan has been fully paid off, what percentage of the total finance charge will the service charge be? Round all dollar values to the nearest cent.
a. 5.48%
b. 8.43%
c. 18.55%
d. 15.65%
Mathematics
2 answers:
zhannawk [14.2K]3 years ago
7 0
15360 =  P {1-(1.0479)^-16 / 0.0479]

15360 /  {1-(1.0479)^-16 / 0.0479]  = P

P = 1396.1604

Sam's total payment = 1396.1604^16  = 22338.56
interest charge = 6978.56
Total finance charge = 8273.20

1294.64/8273.2 x 100 = 15.6486

I think the answer is D. 15.65 %

hope this helps

umka2103 [35]3 years ago
6 0

Answer:

15.65%

Step-by-step explanation:

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Next, we have to find a common denominator for 2 and 3 by finding their shared LCM, or least common multiple. In this case, the LCM is 6. This means that we are going to convert both of the fractions in the expression into fractions with the denominator 6, so that we can easily compute the subtraction.


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