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natima [27]
2 years ago
5

DIC A student has a total of $3000 in student loans that will be paid with a 48-month installment loan with monthly payments of

$73.94. Determine the APR of the loan to the nearest one-half of a percent​
Mathematics
1 answer:
gtnhenbr [62]2 years ago
5 0

Answer:

The APR of the loan was 18.30%.

Step-by-step explanation:

Given that a student has a total of $ 3000 in student loans that will be paid with a 48-month installment loan with monthly payments of $ 73.94, to determine the APR of the loan to the nearest one-half of a percent the following calculation must be done:

3,000 = 100

(73.94 x 48) = X

3,000 = 100

3,549.12 = X

3,549.12 x 100 / 3,000 = X

354,912 / 3000 = X

118.30 = X

118.30 - 100 = 18.30

Therefore, the APR of the loan was 18.30%.

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Answer:
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3 years ago
Allison invested $70,000 in an account paying an interest rate of 6.2%
jeka94

Answer and Step-by-step explanation:

First, you need to make the function to represent the information given.

We start with 70,000 in the account, and have an interest rate of 6.2%.

We want to know how long it will take to get $223,200.

The equation for simple interest is:

A = P(1 + rt)

Where A is the total amount, P is the principle amount of money, r is the rate, and t is the time.

Now, we plug in the values and solve for t.

223,200 = 70,000(1+6.2t)

\frac{\frac{223,200}{70,000} -1}{6.2}  = t

t = 0.353

Multiply by 100 to get the years.

t = 35.3

So, it will take Allison 35.3 years to get 70,000 dollars to 223,200 dollar with an interest rate of 6.2%

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<em><u>I hope this helps!</u></em>

5 0
2 years ago
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Lesechka [4]
Part A: 1/6
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3 years ago
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Answer: 1/20

Step-by-step explanation:

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5 0
3 years ago
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Write the following probability as a percentage 3/5
cupoosta [38]
Hi there,

The percentage of 3/5 would be %60

3/5
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Now you have 60/100, turn that into a percentage and you have %60.
4 0
3 years ago
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