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PolarNik [594]
3 years ago
8

Kawai requires a loan of $33,000 to buy a used sport utility vehicle. His banks offers financing at 6.75% compounded monthly, fo

r a term of 6 years, payable monthly. What is the total cost of this loan?
Mathematics
1 answer:
UkoKoshka [18]3 years ago
7 0

Answer:

$49,126.87

Step-by-step explanation:

Given data

Principal= $33,000

rate= 6.75%

Time= 6 years

First, convert R as a percent to r as a decimal

r = R/100

r = 6.65/100

r = 0.0665 rate per year,

Then solve the equation for A

A = P(1 + r/n)^nt

A = 33,000.00(1 + 0.0665/12)^(12)(6)

A = 33,000.00(1 + 0.005541667)^(72)

A = $49,126.87

Hence the final amount is  $49,126.87

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Please help idk thisssss
Alekssandra [29.7K]
ANSWER
0.073 \% = 0.00073


EXPLANATION

Recall that,

\% =  \frac{1}{100}


That is why
100\%
is equivalent to
1.





This implies that,


0.073\% = 0.073 \times  \frac{1}{100}






This is the same as,


0.073\% = \frac{0.073}{100}


When we are dividing by
100
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This implies that,

0.073\% = 0.00073


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