Rounding in the calculation of monthly interest rates is discouraged. Such rounding can lead to answers different from those pre
1 answer:
Answer:
the first month payment of interest is $74.70
Explanation:
The computation of the first month payment of interest is shown below
Given that
PV = $2,000
NPER = 30
RATE = 9% ÷ 12 = 0.75%
FV = $0
The formula is given below:
= -PMT(RATE;NPER;PV;FV;TYPE)
After applying the above formula, the monthly interest payment is $74.70
hence, the first month payment of interest is $74.70
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Maggie can buy 3 gifts
Solution:
Total budget $19
Each gift costs $4
Shipping fee $7
a. Total budget — Shipping fee = $19 - $7 = $12
Maggie’s got $12 more
Each gift costs $4
Number of gifts that Maggie can buy = =3
b. Let x represent the number of gifts.
19 = 7 +4x
Subtract -7 from both sides
19 - 7= 7 + 4x - 7
Now Simplify,
12 = 4x
Divide both sides by 4
x = 3
Answer:
Future value = 16007.81437
Explanation:
we have to compound all the rates for the time period together as the 7,750 as exposed to this rate and their interest generated in one period are taking into consideration for the subsequent period interest calculations.
We multiply them and get the future value factor:
we now can solve for future value:
Future value = 16007.81437