3.25×5=16.25
5 hours for 1 person
16.25×2=32.5
5 hours for 2 people
By applying the formulas of present and future values of annuity we can solve this problem. In this mortgage problem, first we have to find loan amount after the down payment. It is 699,000 - 699,000 * 0.2 = 559,200$. We have to set it as PV (Present Value) of annuity. Using the PV formula ![PV = A \frac{[1- \frac{1}{(1+r)^{N}}]}{r}](https://tex.z-dn.net/?f=%20PV%20%3D%20A%20%5Cfrac%7B%5B1-%20%5Cfrac%7B1%7D%7B%281%2Br%29%5E%7BN%7D%7D%5D%7D%7Br%7D%20)
, we first find A, which is an annual payment. Exact calculation with mortgage calculator gives us A = 33,866.56$. After finding it, plugging this number into FV (Future Value) formula ![FV = A\frac{[(1+r)^{N}-1]}{r}](https://tex.z-dn.net/?f=%20FV%20%3D%20A%5Cfrac%7B%5B%281%2Br%29%5E%7BN%7D-1%5D%7D%7Br%7D%20%20%20)
, we find the value of the future value and it is 1,185,329.66$. And the total financial charge is 1,185,329.66 - 559,200 = 626,129.66$
Answer:
5 or 6
Step-by-step explanation:
So I did it in a different way than shown in rsm classes. I said that the speed was x-2 and x.
then I said the distance was 6 and 15. If the time taken was 1 hour more, then we can come up with this equation:
Since the time is 6/x-2 or 15/x
15/x-6/x-2=1
multiply everything to get a common denominator then cancel it out to get
(15x-30)-6x=x^2-2x
11x-30=x^2
x^2-11x+30=0
(x-5)(x-6) is factored form.
so x=5 or x=6. this means that the speed of the boat is either 5km/h or 6 km/h
