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Using compound interest and a graphing calculator, it is found that it will take about 15 years for the loan to be paid off.
<h3>What is compound interest?</h3>The amount of money earned, in compound interest, after t years, is given by:
In which:
- A(t) is the amount of money after t years.
- P is the principal(the initial sum of money).
- r is the interest rate(as a decimal value).
- n is the number of times that interest is compounded per year.
For this problem, the parameters are given as follows:
A(0) = 95000, r = 0.06, n = 12.
Hence the value of the loan after t years is:
You have monthly payments of $1,200, hence the amount paid after t years is:
P(t) = 12 x 1,200t = 14400t
Then we have to solve for:
A(t) = P(t)
Which is solved in the graph below, meaning that it will take about 15 years for the loan to be paid off.
More can be learned about compound interest at brainly.com/question/25781328
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Answer:
The 99.7% confidence interval for the mean price of all new mobile homes is ($60,672, $65,622).
Step-by-step explanation:
<em>The question is incomplete:</em>
<em>The prices in thousands of dollar are:</em>
<em>66.6, 69.8, 58.4, 57.3, 63.1, 61.8, 56, 72.7, 61.8, </em>
<em>66.9, 72.6, 63.1, 58.7, 65.9, 61.1, 56.1, 49.9, 72.6, </em>
<em>49, 56.4, 72.6, 60.1, 65, 64.8, 56.5, 52, 53.2, </em>
<em>56.4, 75.4, 76.3, 60.5, 74.6, 57, 69.2, 62.7, 77.2.</em>
<em />
We have a sample of n=36 new mobile homes.
The mean of this sample is:
The population standard deviation is σ=7.5 (in thousands of dollars).
The critical value of z for a 99.7% CI is z=2.97.
Then, we can calculate the margin of error as:
Now we can calculate the lower and upper bound of the confidence interval as:
The 99.7% confidence interval for the mean price of all new mobile homes is ($60,672, $65,622).
Maximum value : x=-4
The graph of the parabola opens down, since the value of a (-2) is a negative coefficient. This means the parabola has a maximum value, not a minimum value. The vertex of the parabola is -4, which is the maximum value of the graph.
The graph of the parabola opens down, since the value of a (-2) is a negative coefficient. This means the parabola has a maximum value, not a minimum value. The vertex of the parabola is -4, which is the maximum value of the graph.