The applicable formula is
A = P(r/12)/(1 -(1+r/12)^(-12n))
where P is the principal amount,
r is the annual interest rate (compounded monthly), and
n is the number of years.
Using the formula, we find
A = 84,400*(0.04884/12)/(1 -(1+0.04884/12)^(-12*15))
= 84,400*0.00407/(1 -1.00407^-180)
= 343.508/0.518627
≈ 662.34
The monthly payment on a mortgage of $84,400 for 15 years at 4.884% will be
$662.34
Answer:
40%
Step-by-step explanation:
1299-725= 574
574/1299 x 100 = 44.19%
Answer:
<h2> 7.3%</h2>
Step-by-step explanation:
Using the formula for calculating the simple interest to get the rate of return;
Simple Interest = Principal * Rate * Time/100
Given Principal = $450,
Time (in years) = 1 year
Simple interest = $32.75
Rate (in %) =?
Substituting the given values in the given formula to get the rate;
32.75 = 450*1*R/100
450R = 3275
R = 3,275/450
R = 7.3%
The rate of return is 7.3%
Answer:
Step-by-step explanation:
By definition, we can write ln instead of log. WHEN??
Whenever the base of the logarithm is the number "e".
Hence, when we have:
We can write it in shortcut as:
Hence, ln x can also be written as 
Fourth answer choice is right.
Answer:
7 children
Step-by-step explanation:
$505-$115= $390
$390÷$65= 6
6+1= 7
