This is an arithmetic sequence because each term is 1/8 more than the previous term. This is called the common difference and it is what defines an arithmetic sequence.
a(n)=a+d(n-1), where a is 1st term, d is common difference, and n it term #
In this case:
a(n)=3.25+0.125(n-1) or more neatly...
a(n)=3.125+0.125n
a(5)=3.75
189 is 45% of 420 and 198 is 55% of 360
189 = .45x
/.45 /.45
420 = x
198 = .55x
/.55 /.55
360 = x
This expression is equal to 27 (30 + 6). 27*30 + 27*6 = 810 + 162, which is equal to 972.
Hi there
For the first question use the formula of the present value of annuity due
The formula is
Pv=pmt [(1-(1+r/k)^(-n))÷(r/k)]×(1+r/k)
Pv present value?
PMT monthly payment 95
R annual interest rate 0.2379
K compounded monthly 12
N time 7 months
Pv=95×((1−(1+0.2379÷12)^(
−7))÷(0.2379÷12))×(1+0.2379÷12)
=627.45 closed to 637.13 because the question mentioned the minimum monthly payment which is 95 while the exact monthly payment of 637.13
Is 96.47
The second question is the same and easier using the formula of the present value of annuity ordinary
First find the present value by subtracting the amount of down payment From the purchase price
20,640−2,440=18,200
Now find the monthly payment using the formula of
Pv=pmt [(1-(1+r/k)^(-kn))÷(r/k)]
Solve for pmt
PMT=pv÷[(1-(1+r/k)^(-kn))÷(r/k)]
Pv 18200
R 0.104
K 12
N 5 years
PMT=18,200÷((1−(1+0.104÷12)^(
−12×5))÷(0.104÷12))
=390.29
Total paid amount of monthly payment times number of months in a year times the term of the loan to get
390.29×12×5
=23,417.28
Finally how much you paid including down payment
23,417.28+2,440
=25,857.40. ..answer
Good luck!
