He actually borrowed P=21349-3000=18349 (present value)
Assume the monthly interest is i.
then future value due to loan:
F1=P(1+i)^n=18349(1+i)^(5*12)=18349(1+i)^60
future value from monthly payment of A=352
F2=A((1+i)^n-1)/i=352((1+i)^60-1)/i
Since F1=F2 for the same loan, we have
18349(1+i)^60=352((1+i)^60-1)/i
Simplify notation by defining R=1+i, then
18349(R^60)-352(R^60-1)/(R-1)=0
Simplify further by multiplication by (R-1)
f(R)=18349*R^60*(R-1)-352(R^60-1)=0
Solve for R by trial and error, or by iteration to get R=1.004732
The APR is therefore
12*(1.004732-1)=0.056784, or 5.678% approx.
Answer:
5/21
Step-by-step explanation:
5/3/7=?
so 5/3 *1/7=5/21
so 5/21 is your answer
You're looking for the largest number <em>x</em> such that
<em>x</em> ≡ 1 (mod 451)
<em>x</em> ≡ 4 (mod 328)
<em>x</em> ≡ 1 (mod 673)
Recall that
<em>x</em> ≡ <em>a</em> (mod <em>m</em>)
<em>x</em> ≡ <em>b</em> (mod <em>n</em>)
is solvable only when <em>a</em> ≡ <em>b</em> (mod gcd(<em>m</em>, <em>n</em>)). But this is not the case here; with <em>m</em> = 451 and <em>n</em> = 328, we have gcd(<em>m</em>, <em>n</em>) = 41, and clearly
1 ≡ 4 (mod 41)
is not true.
So there is no such number.
Answer:
The baker will make 60 cookies in 10 hours.
