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pochemuha
3 years ago
13

Question 1 (1 point)

Mathematics
1 answer:
kykrilka [37]3 years ago
7 0

Answer:

The description for the problem is listed throughout the section below on explanations.

Step-by-step explanation:

The given values are:

The amount of bank loan = $22,000

Interest rate = 7.99%

Pays monthly = $700

So, the principal amount decreases by 700 per month.

Now,

The principal amount at the end of the m^{th} month = (22000 - 700 m)

Then,

The interest paid at the end of 1 year:

⇒ (22000)0.0799+(22000-700)0.0799+...+(22000-700(11))0.0799

On simplifying the above equation, we get

⇒ 0.0799[12(22000)-\frac{11\times 12}{2}\times 700]

⇒ 0.0799[264000-11\times 6\times 700]

⇒ 0.0799[264000-46200]

⇒ $17402.22

Therefore interest could be measured correctly at the end of each year, likewise.

⇒ (2200-700m)R+(22000-700(m+1))R+...+(22000-700(m+11))R

⇒ R[12\times 22000-700[12m+\frac{11\times 12}{2}]]

⇒ R[264000-700[12m+\frac{11\times 12}{2}]]

⇒ R[263300(12m+66)]

R : interest rate

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