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Inga needs 3 more years to pay off the whole amount.
<h3>What is the monthly payment?</h3>
A portion of the monthly payment is called the principal, which is the original amount borrowed.
First year balance = $19,691.28
Monthly payment = $273.49
Annual payment = 273.49×12 = $3281.88
Remaining balance after 1 year = 19,691.28 - 3281.88 = $16,409,4
After 3 years balance = $9845.64
- Remaining balance after payment (4 years) = 9845.64-3281.88 = $6563.76
- Remaining balance after payment (5 years) = 6563.76-3281.99 = 3281.88
- Remaining balance after payment (6 years) =3281.88-3281.88 = 0
Hence, Inga needs 3 more years to pay off the whole amount.
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The moment-generating function for y is given as eⁿᵇ - eⁿᵃ / n(b-a) and derivation of moment-generating function of y is e-1/t
Given that,
The interval (0, 1) is covered by a uniform distribution of y, and a > 0 is a constant.
The moment generating function is eⁿᵇ - eⁿᵃ / n(b-a)
The given interval is (0,1)
Here a =0;
b=1;
Now substitute the values of a and b in the above moment generating function we get,
y=eⁿᵇ - eⁿᵃ / n(b-a)
y=e^1-e^0/t(1-0)
y= e-1/t
Therefore, the derivation of the moment generating function is e-1/t
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