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3 years ago

1. Emily wants to buy turquoise stones on her trip to New Mexico to give to at least 4 of her friends. The

1 answer:

8 0

Answer: she could get any of them the smalls ones or the large ones because 4x4=16 and 4x6=24 so she could pick the small or the large ones.

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3 years ago

5x-3y=11.50 4x+2y=8.50

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3 years ago

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3 years ago

Niki makes the same payment every two months to pay off his $61,600 loan. The loan has an interest rate of 9. 84%, compounded ev

elena-14-01-66 [18.8K]

Niki pays $39,467 interest will he have paid in total.

Given that,

Niki makes the same payment every two months to pay off his $61,600 loan.

The loan has an interest rate of 9.84%, compounded every two months.

If Niki pays off his loan after exactly eleven years.

We have to determine,

How much interest will he have paid in total?

According to the question,

The total interest will be paid is determined by,

$\rm PV = \dfrac{P\left(1 - (1 + \dfrac{r}{t})^{-nt}\right) }{ \dfrac{r}{t}}$

Where, PV = $61,600, r = interest rate = 9.84% = 0.0984;

t = number of payments in a year = 6; n = number of years = 11 years and P is the periodic payment.

Substitute all the values in the formula;

$\rm PV = \dfrac{P\left(1 - (1 + \dfrac{r}{t})^{-nt}\right) }{ \dfrac{r}{t}}\\\\\rm 61600 = \dfrac{P\left(1 - (1 + \dfrac{0.0984}{6})^{-11 \times 6}\right) }{ \dfrac{0.0986}{6}}\\\\61600 = \dfrac{P\left(1 - (1 + {0.0164})\right^{-66} }{0.0164}\\\\61600 = \dfrac{P\left(1 - (1.01640))^{-66}}{0.0164}\\\\ 61600 \times 0.0164 = P (1-0.341769)\\\\1010.24 = 0.658231P\\\\P = \dfrac{1010.24}{0.6582}\\\\P = 1534.78$

Therefore,

Niki pays $1,534.78 every two months for eleven years,

The total payment made by Niki = 11 x 6 x 1,534.78 = $101,295.48

Therefore, interest paid by Niki = $101,295.48 - $61,600 = $39,695.48.

Hence, Niki pays $39,467 interest will he have paid in total.

For more details about Interest rates refer to the link given below.

brainly.com/question/10302432

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3 years ago