Present value of annuity PV = P(1 - (1 + r/t)^-nt) / (r/t)
where: p is the monthly payment, r is the APR = 14.12% = 0.1412, t is the number of payments in one year = 12, n is the number of years = 2.
1,120.87 = P(1 - (1 + 0.1412/12)^(-2 x 12)) / (0.1412 / 12)
0.1412(1120.87) = 12P(1 - (1 + 0.1412/12)^-24)
P = 0.1412(1120.87) / 12(1 - (1 + 0.1412/12)^-24) = $53.88
Minimum monthly payment = 3.15% of 1120.87(1 + 0.1412/12) = 0.0315 x 1120.87(1 + 0.1412/12) = $35.72
Therefore, his first payment will be greater than the minimum payment by 53.88 - 35.72 = $18.16
Answer:
Initial Value=15
Rate of change=15/10=1.5
Equation: y=1.5x+15
Step-by-step explanation:
y=ax+b
y=1.5x+b
15=1.5(0)+b
b=15
<span>It is easier to multiply. For example: 63 multiply by 7
</span><span>63 x 7 = (60+3) x 7 = 60 x 7 + 3 x 7 = 420 + 21 = 441
</span>
Another example : <span>25 x 73
</span>25 x 73 = (20+5) x (70+3) = 20 x 70 + 20x3 + 5x70 + 5x3
= 1400 + 60 + 350 + 15 = 1875
