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Artyom0805 [142]
3 years ago
9

You buy a car in 2017 for $25,000. The value decreases by 16% each year. How much will the car be worth in 2022? Round your answ

er to the nearest penny
Mathematics
1 answer:
Levart [38]3 years ago
7 0

Answer:

16% multiplied by 5 yrs is = 80%

80% of $25000 is 20000

$25000 - $20000 = 5000

the car will be worth $5000 in the yr 2022.

Step-by-step explanation:

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Step-by-step explanation:

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Suppose payments were made at the end of each month into an ordinary annuity earning interest at the rate of 4.5%/year compounde
valentina_108 [34]

Answer:

each payment = $214.20

Step-by-step explanation:

For ordinary annuity,

FVOA = PMT x [{(1+r/m)^(n*m)} - 1/(r/m)]

Here, FVOA = $50,000

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Since the interest will be paid monthly, m = 12

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Putting all the values into the ordinary annuity formula,

FVOA = PMT x [{(1+r/m)^(n*m)} - 1/(r/m)]

$50,000 = PMT x [{(1+0.045/12) ^ (14*12)} - 1/(0.045/12)]

or, $50,000 = PMT x [{(1+0.045/12) ^ (14*12)} - 1/(0.045/12)]

or, $50,000 = PMT x [(1.8754 - 1)/0.00375]

or, $50,000 = PMT x [(1.8754 - 1)/0.00375]

or, $50,000 = PMT x 233.4399

or, PMT = $50,000/233.4399

PMT = $214.19

or, monthly payment will be $214.20 (Nearest cent)

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