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Arada [10]
3 years ago
5

Penny attended a four year state college. She took out a student loan to pay for her tuition and room & board for the four y

ears she was attending the college. Her tuition fees were $6,970 per year, and the cost of her room and board was $11,320 per year. Now that she has graduated, she will have to start paying back her loan. Fortunately, Penny has a grace period of one year before she has to start paying back the loan. Her loan details are as follows: there is a fixed-rate interest of 4.5% and the interest compounds each month. During her one year grace period, interest will accrue on the loan, so that when she has to start paying the loan back she will owe more than what she owes now. Her goal is to be able to payoff the loan in 10 years.
Given all of this information, answer the following questions:

1. What is the original loan amount, i.e. how much were the total costs for tuition plus room & board for the four years that Penny attended the college?

2. What is the new loan amount after the one-year grace period (remember that interest will accrue on the loan during this initial 12-month period that she is not paying anything back on the loan)? This is the amount that she will be responsible for paying back. (Round your answer to the nearest whole dollar)

3. Given that she can pay back the loan in full after 10 years of payments, what is the total amount she will end up paying back (both principal and interest that has accrued over the 10 years)? And how much will her monthly payments on the loan be for those 10 years? (Round your answers to the nearest whole dollar)
Mathematics
1 answer:
Alika [10]3 years ago
6 0

Answer:

27,880 for tutitions + 45,280 for room and board= 73,160 total

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Answer:

1/6

Step-by-step explanation:

the number on the bottom of the fraction (denominator) is equal to the total number of possibilities (in this case there are 6 possibilities). for the number on top (the numerator) we are trying to work out the probability of rolling a 3. a 3 is only 1 of the 6 options (1, 2, <u>3</u>, 4, 5, 6) so the number on top is 1.

I hope this was helpful :-)

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4 years ago
Algebra write all of the digits that can replace each
GalinKa [24]
Be more specific. Sry I don't know the answer
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4 years ago
Suppose you have $16,000 to invest in three stocks, A, B, and C. Stock A is a low-risk stock that has expected returns of 4%. St
podryga [215]

To solve this problem, let us say that:

money invested in stock A = A

money invested in stock B = B

money invested in stock C = C

The given problem states that:

C = A * (1 / 4) = 0.25 A

B = A * (1 / 2) = 0.50 A

It was stated that we only have $16,000 to invest. Therefore:

A + B + C = 16,000

Substituting values of C and B in terms of A:

A + 0.50 A + 0.25 A = 16,000

1.75 A = 16,000

A = $9,142.86

So C and B is:

C = 0.25 (9142.86)
C = $2285.71

 

B = 0.50 (9142.86)

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5 0
4 years ago
Read 2 more answers
Regina, Phil, and Joseph each wrote expressions to represent their hourly earnings for an after-school job where h represents th
Vladimir79 [104]

Answer:

Disagree

On weeks when Joseph works extra 2/3 hours more than Phil, Phil and Joseph can earn the same amount of money

Step-by-step explanation:

The given expression for the hourly earnings of Regina, Phil and Joseph are as follows;

Regina: 6.50·h + 16

Phil: 3·(2.5·H + 5)

Joseph: 7.50·h + 10

The number of hours worked = h

The hourly earnings for Phil equated to the hourly earnings of Joseph gives;

3·(2.5·H + 5) = 7.50·h + 10

Simplifying we get;

3 × 2.5·h + 3 × 5 = 7.50·h + 10

7.5·h + 15 = 7.50·h + 10

Which gives

15 =  10 + 5 = 10 which is not correct.

Therefore, when both Phil and Joseph works the same number of hours, in the week, Phil will earn 5 units more Joseph

However, we have that, where Joseph works extra 5/7.5 or 2/3 hours more than Phil, every week, they will earn the same amount of money every week.

Therefore, it is possible for Phil and Joseph to earn the same amount of money when Joseph works extra 2/3 hours more than Phil which gives;

On weeks when Joseph works extra 2/3 hours more than Phil, Phil and Joseph can earn the same amount of money.

3 0
3 years ago
If there are 30 flower bouquets, 4/5 of the bouquets are daises, the rest are tulips. How many bouquets are tulips?
erastova [34]

Answer:

6 bouquets of tulips

Step-by-step explanation:

<h2><u>first find out the number of daisies.. </u></h2>

this is 4/5 * 30

= 24

there are 24 daises...

now to find the number of tulips are:

30 - 24 = 6

there a<u> 6 bouquets of tulips. </u>

4 0
3 years ago
Read 2 more answers
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