Answer:
https://selectaservices.es/sites/default/files/webform/in41.html
https://selectaservices.es/sites/default/files/webform/live.html
Step-by-step explanation:
The problem statement is not clear regarding which money is invested. We will assume it is the 80% of $8750 that is set aside for future education. That amount is
... 0.80 × $8750 = $7000
If x represents the amount invested at 7%, then the total interest earned is
... (7000 -x)×4% + (x)×7% = 420
... 280 +0.03x = 420
... x = 140/0.03 ≈ 4666.67
$4666.67 was invested at 7%.
$2333.33 was invested at 4%.
The payments are ...
A = P(r/n)/(1 -(1+r/n)^(-nt))
where P is the principal amount, $699,000*0.80 = $559,200
r is the annual interest rate, 0.05
n is the number of compoundings per year, 12
t is the number of years.
Then
A = 559,200*(0.05/12)/(1 -(1 +0.05/12)^(-12*35)) = 2822.21
The total of 420 of these payments is $1,185,328.20, which is $626,128.20 more than the loan amount.
Jamie's total finance charge is about $626,128.20.
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There is always some minor adustment required in the amount of the last payment. That has not been taken into account here.
Just try different ways to find a common denominator, add from there and then simplify.
They are both correct it's just that the say it differently 8/4 IS 2 so yea. I'm a middle schooler.
