We'll be assuming this is with simple interest.
now, a year has 12 months, thus in 18 months there are 18/12 years.
![\bf 1050=1020\left[ 1+r\left( \frac{3}{2} \right) \right]\implies \cfrac{1050}{1020}=1+r\left( \frac{3}{2} \right) \implies \cfrac{35}{34}=1+r\left( \frac{3}{2} \right) \\\\\\ \cfrac{35}{34}-1=\cfrac{3}{2}r\implies \cfrac{1}{34}=\cfrac{3}{2}r\implies \cfrac{2\cdot 1}{3\cdot 34}=r\implies \cfrac{1}{51}=r \\\\\\ r\%=100\cdot \cfrac{1}{51}\implies r\approx\stackrel{\%}{1.96078431372549}](https://tex.z-dn.net/?f=%5Cbf%201050%3D1020%5Cleft%5B%201%2Br%5Cleft%28%20%5Cfrac%7B3%7D%7B2%7D%20%5Cright%29%20%5Cright%5D%5Cimplies%20%5Ccfrac%7B1050%7D%7B1020%7D%3D1%2Br%5Cleft%28%20%5Cfrac%7B3%7D%7B2%7D%20%5Cright%29%20%5Cimplies%20%5Ccfrac%7B35%7D%7B34%7D%3D1%2Br%5Cleft%28%20%5Cfrac%7B3%7D%7B2%7D%20%5Cright%29%0A%5C%5C%5C%5C%5C%5C%0A%5Ccfrac%7B35%7D%7B34%7D-1%3D%5Ccfrac%7B3%7D%7B2%7Dr%5Cimplies%20%5Ccfrac%7B1%7D%7B34%7D%3D%5Ccfrac%7B3%7D%7B2%7Dr%5Cimplies%20%5Ccfrac%7B2%5Ccdot%201%7D%7B3%5Ccdot%2034%7D%3Dr%5Cimplies%20%5Ccfrac%7B1%7D%7B51%7D%3Dr%0A%5C%5C%5C%5C%5C%5C%0Ar%5C%25%3D100%5Ccdot%20%5Ccfrac%7B1%7D%7B51%7D%5Cimplies%20r%5Capprox%5Cstackrel%7B%5C%25%7D%7B1.96078431372549%7D)
Hi there
For the first question use the formula of the present value of annuity due
The formula is
Pv=pmt [(1-(1+r/k)^(-n))÷(r/k)]×(1+r/k)
Pv present value?
PMT monthly payment 95
R annual interest rate 0.2379
K compounded monthly 12
N time 7 months
Pv=95×((1−(1+0.2379÷12)^(
−7))÷(0.2379÷12))×(1+0.2379÷12)
=627.45 closed to 637.13 because the question mentioned the minimum monthly payment which is 95 while the exact monthly payment of 637.13
Is 96.47
The second question is the same and easier using the formula of the present value of annuity ordinary
First find the present value by subtracting the amount of down payment From the purchase price
20,640−2,440=18,200
Now find the monthly payment using the formula of
Pv=pmt [(1-(1+r/k)^(-kn))÷(r/k)]
Solve for pmt
PMT=pv÷[(1-(1+r/k)^(-kn))÷(r/k)]
Pv 18200
R 0.104
K 12
N 5 years
PMT=18,200÷((1−(1+0.104÷12)^(
−12×5))÷(0.104÷12))
=390.29
Total paid amount of monthly payment times number of months in a year times the term of the loan to get
390.29×12×5
=23,417.28
Finally how much you paid including down payment
23,417.28+2,440
=25,857.40. ..answer
Good luck!
Answer:
I believe it's SSS
Step-by-step explanation:
This is because all sides are congruent to each other.
