Answer:5
Step-by-step explanation:
Answer:
C. 16 months faster
Step-by-step explanation:
You can solve this using a Financial calculator( TI BA II plus in this case)
First, find number of months if recurring monthly payment is $38.50;
Amount borrowed ; PV = -950
Monthly rate ; I/Y = 7.2%/12 = 0.6%
Monthly payment; PMT = 38.50
Future value ; FV = 0
Total duration; press CPT, N = 26.785 OR 27 months
Next, find number of months if recurring monthly payment is $93;
Amount borrowed ; PV = -950
Monthly rate ; I/Y = 7.2%/12 = 0.6%
Monthly payment; PMT = 93
Future value ; FV = 0
Total duration; press CPT, N = 10.573 OR 11 months
Difference = 27 -11 = 16
Therefore, she would be able to pay off the loan 16 months faster.
5 is d and idk question 5 sorry
Answer:
The method of solving "by substitution" works by solving one of the equations (you choose which one) for one of the variables (you choose which one), and then plugging this back into the other equation, "substituting" for the chosen variable and solving for the other. Then you back-solve for the first variable.
Step-by-step explanation:
Hope this helps you