Select all the expressions that are equal to the product of 18 and 6.

3. Suppose your credit card has a balance of $7800 and an annual interest rate of 16%. You decide

Blizzard [7]

Answer:

$274.22 per month
$2071.92 in total interest
$433.48 more per month
$1379.52 less in interest

Step-by-step explanation:

a) The amortization formula is used to find the monthly payment (A):

A = P(r/n)/(1 -(1 +r/n)^(-nt))

for a loan of a principal amount P at annual rate r compounded n times per year for t years.

For a borrowed amount of $7800 at 16% compounded monthly for 3 years, the payment will be ...

A = $7800(.16/12)/(1 -(1 +.16/12)^(-12·3)) ≈ $274.22

You must pay $274.22 each month to pay off the credit card in 3 years.

__

b) The total amount repaid is 36 times this monthly payment, so is ...

$274.22 × 36 = $9871.92

The amount by which this exceeds the principal borrowed is ...

$9871.92 -7800 = $2071.92

You will pay $2071.92 in interest.

__

c) Changing the time period to 1 year gives the payment value ...

A = $7800(.16/12)/(1 -(1 +.16/12)^(-12·1)) ≈ $707.70

The additional amount you must pay is ...

$707.70 -274.22 = $433.48

You must pay $433.48 more each month.

__

d) Your total interest with the higher payments will be ...

$707.70×12 -7800 = $692.40

The difference in interest amounts is ...

$2071.92 -692.40 = $1379.52

You will pay $1379.52 less in total interest.

_____

<em>Caveat</em>

Here, the monthly amounts are rounded and the total repayment amount is based on that rounded value. In an actual payment situation, the final payment will be adjusted by a small amount to account for the fact that the monthly payment shown is not exact. That will affect the total interest and the difference in interest.

8 0

3 years ago

Brazilian footballer ronaldo scored 247 goals in 343 matches

vovikov84 [41]

Answer: Ferenc

Step-by-step explanation:

512 / 5.28 = 0.97 goals for every match

247 / 3.43 = 0.72 goals for every match

5 0

3 years ago

Read 2 more answers

1.Famous basketball player Michael Jordan had a free throw percentage of 0.83. (He made 83% of his free throw shots.) Assume tha

MissTica

Michael Jordan's Freethrow, the population of the 6 countries and the distribution of the uninsured drivers are illustrations of probabilities

<h3>1. Michael Jordan Freethrow</h3>

The given parameter is:

p = 83% -- the percentage of free throws he made

<u>Probability that he misses his 6th throw </u>

The probability that he misses his 6th throw is:

P = P(He made the first 5 throws) * P(He lost the 6th)

This gives

P = (83%)^5 * (1 - 83%)^1

P = 0.0670

<u>Expected number of miss</u>

The expected number till he misses the first free throw is:

E(x) = np

This gives

E(x) = 6 * 83%

E(x) = 4.98

Approximate

E(x) = 5

Hence, the probability that he misses his 6th throw is 0.0670 and the expected number till he misses the first free throw is 5

<h3>2. Country Populations</h3>

The given parameters are:

Average population = 268.35 million

Standard deviation = 370.43 million

<u>The z-scores for the United States, Egypt, and Mexico</u>

This is calculated as:

z = (x - $\mu$ )/ $\sigma$

So, we have:

US = (332 million - 268.35 million)/ 370.43 million

US = 0.17

Egypt = (104 million - 268.35 million)/ 370.43 million

Egypt = -0.44

Mexico = (128 million - 268.35 million)/ 370.43 million

Mexico = -0.38

<u>The countries from the smallest to the largest </u>

By comparing the z-score of the countries, the order of the countries are:

Egypt, Japan, Mexico, Brazil, United States and India

The countries are ranked that way because the higher the z-score, the higher the population

<h3>3. Uninsured drivers</h3>

The given parameter is:

p = 12.6% -- the percentage of uninsured drivers

<u>Probability that exactly 5 drivers of 30 are uninsured</u>

This is calculated as:

P(x) = nCx * p^x * (1 - p)^(n-x)

So, we have:

P(5) = 30C5 * (12.6%)^5 * (1 - 12.6%)^(30-5)

Evaluate the product

P(5) = 0.1561

<u>Probability that the next uninsured driver is the 7th</u>

This is calculated as:

P = P(First 6 are insured) * P(7th is unisured)

This gives

P = (1 - 12.6%)^6 * (12.6%)^1

P = 0.0562

The probability that exactly 5 drivers of 30 are uninsured is 0.1561, and the probability that the next uninsured driver is the 7th is 0.0562