The percent of the purchase price for Julio’s down payment was C. 18%
<h3>What is Interest Rate?</h3>
This refers to the amount of money that is added to a loan collected by a person, for when he makes repayment.
Hence,
Given that
- PMT monthly payment 1558.09
- R interest rate 0.05875
- K compounded monthly 12 because the payment is monthly
- N time 20 years
- Pv present value?
We use the formula Pv=pmt [(1-(1+r/k)^(-kn))÷(r/k)]
Pv= 1,558.09×((1−(1+0.05875÷12)^(−12×20))÷(0.05875÷12))
=219,684.92
Next thing to do is make a subtraction to get the down payment:
267,900−219,684.92=48,215.08
Then the percentage would be:
48,215.08÷267,900= 18% approx.
Read more about interest rates here:
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Answer:
Since a fraction represents a division, we should do that division to know what the value of a fraction is. The larger numerator, the larger the value of the fraction will be; and the larger denominator, the smaller the fraction will be. ...
Step-by-step explanation:
0.4% of 100 is .4 whoops i thought it was 0.4 as a decimal :P
Answer:
4 and 6 I hope this is right!!
200 minutes later= 10:20am
