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elena55 [62]
3 years ago
14

If you make monthly payments of $1,000 for 10 years, determine the total payment over the lifetime of the loan.

Mathematics
1 answer:
marshall27 [118]3 years ago
5 0
Hi there
Payment per year
1,000×12months=12,000

total payment over the lifetime of the loan.
12,000×10years=120,000

Hope it helps
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Answer:

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Step-by-step explanation:

This is a problem of compound growth. The formula is

F=P(1+r)^t

Where F is the value in the future (in this case, the population after 13 years)

P is the intial amount (here, the initial population of 2000, so P = 2000)

r is the rate of growth (here, it is 4.5%, in decimal, 0.045)

t is the time frame (here, it is 13 years, so t = 13)

<em>we can plug the numbers into the formula and solve for F:</em>

<em>F=P(1+r)^t\\F=2000(1+0.045)^{13}\\F=2000(1.045)^{13}\\F=3544.4</em>

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