Any smart people want to help I stink at math !!
2 answers:
Answer:
Step-by-step explanation:
We know that
The cash cost is $4400.
She pays 10% down
The balance paid in 6
Monthly payment is $676
First , let's find the amount financed:
The number of payments per year (n) are 6.
The time in years is half a year.(6 months)
The installment payment is $676.
The total amount paid is
Then, we subtract to obtain the finance charge
Hence , the answer to (a) is $96, that's the finance charge
b) I need the table for doing that one
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<h3>Amount earned after 5 years is $ 9030.5561</h3>
<em><u>Solution:</u></em>
<em><u>The formula for compound interest, including principal sum, is:</u></em>
A = the future value of the investment including interest
P = the principal investment amount
r = the annual interest rate in decimal
n = the number of times that interest is compounded per unit t
t = the time the money is invested
From given,
p = 5000
t = 5 years
<em><u>n = 4 ( since interest is compounded quarterly )</u></em>
<em><u>Substituting the values we get,</u></em>
Thus amount earned after 5 years is $ 9030.5561