All categories

3 years ago

So you want to finance a car for $4840 let's say we offer a 4.5% interest rate on a two year loan at 6% on a five year loan?

Mathematics

1 answer:

Virty [35]3 years ago

5 0

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

You might be interested in

Additive inverse of −2, additive identity of −5, additive inverse of 3, multiplicative identity of 19, and multiplicative invers

monitta

Answer:

See Explanation

Step-by-step explanation:

a) Additive inverse of −2

the additive inverse of a number a is the number that, when added to 'a', yields zero. This number is also known as the opposite (number), sign change, and negation.
So the Additive inverse of -2 is 2. ∴ -2+2=0

b) Additive identity of −5

Additive identity is the value when added to a number, results in the original number. When we add 0 to any real number, we get the same real number.
-5 + 0 = -5. Therefore, 0 is the additive identity of any real number.

c) additive inverse of 3

Two numbers are additive inverses if they add to give a sum of zero. 3 and -3 are additive inverses since 3 + (-3) = 0. -3 is the additive inverse of 3.

d). multiplicative identity of 19

an identity element (such as 1 in the group of rational numbers without 0) that in a given mathematical system leaves unchanged any element by which it is multiplied
Multiplicative identity if 19 is 1 only, since 19 x 1 = 19.

e) multiplicative inverse of 7

Dividing by a number is equivalent to multiplying by the reciprocal of the number. Thus, 7 ÷7=7 × 1⁄7 =1. Here, 1⁄7 is called the multiplicative inverse of 7.

d) | 11-5|×|1-5|