3 years ago

Complete the following ratio table so that each pair represents the same rate.

Mathematics

2 answers:

Sergio [31]3 years ago

8 0

51 so I hope that help you in the long turm

Sloan [31]3 years ago

8 0

Answer:

Step-by-step explanation:

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student borrows $65,000 for business school at 8.5% stated annual interest with monthly repayment over 8 years. Consider this as

lawyer [7]

Answer:

$First\ monthly\ payment= $858.69$

Step-by-step explanation:

From the Question we are told that

Borrows $65,000

Annual interest 8.5%

Monthly repayment over 8 years

Generally PV of annuity with growth is mathematically represented as

where PV is present value

PV of annuity with growth X= $(P/ (r-g)) * (1- ((1+g)/(1+r))^n)$

$\frac{P}{\frac{8\%}{y12-0.2\%} } *(1-((1+0.2\%)/(1+8.5\%/12))^(^8^*^1^2^)^)=65000$

$196.7213115P* 0.384791918=65000$

$196.7213115P=65000/0.384791918$

$196.7213115P=168922.4668$

$P= 168922.4668/196.7213115$

$P= 858.6892063$

$First\ monthly\ payment= $858.69$

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