In an installment loan, a lender loans a borrower a principal amount P, on which the borrower will pay a yearly interest rate of i (as a fraction, e.g. a rate of 6% would correspond to i=0.06) for n years. The borrower pays a fixed amount M to the lender q times per year. At the end of the n years, the last payment by the borrower pays off the loan.
After k payments, the amount A still owed is
<span>A = P(1+[i/q])k - Mq([1+(i/q)]k-1)/i,
= (P-Mq/i)(1+[i/q])k + Mq/i.
</span>The amount of the fixed payment is determined by<span>M = Pi/[q(1-[1+(i/q)]-nq)].
</span>The amount of principal that can be paid off in n years is<span>P = M(1-[1+(i/q)]-nq)q/i.
</span>The number of years needed to pay off the loan isn = -log(1-[Pi/(Mq)])/(q log[1+(i/q)]).
The total amount paid by the borrower is Mnq, and the total amount of interest paid is<span>I = Mnq - P.</span>
Answer: Mash Potatoes
Step-by-step explanation: 7/100 written as a percentages is 7%
The answer would be mercury.
Answer:
y=-3x+4
Step-by-step explanation:
m=(y2-y1)/(x2-x1)
m=(-8-7)/(4-(-1))
m=-15/(4+1)
m=-15/5
m=-3
y-y1=m(x-x1)
y-7=-3(x-(-1))
y-7=-3(x+1)
y=-3x-3+7
y=-3x+4
