1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Daniel [21]
3 years ago
13

Barry wants to take out a loan from his bank for $1,000 to buy a bicycle. The interest rate on the loan from the bank is 9%. He

wants to pay the total amount in 3 monthly payments. What is the amount that Barry would pay in interest for his loan?
Mathematics
1 answer:
tekilochka [14]3 years ago
3 0

Answer:

The amount that Barry would pay in interest for his loan is $15.05.

Step-by-step explanation:

To calculate this, we first calculate the monthly required fixed payment using the formula for calculating loan amortization as follows:

P = (A * (r * (1 + r)^n)) / (((1+r)^n) - 1) .................................... (1)

Where,

P = Monthly required fixed payment = ?

A = Loan amount = $1,000

r = monthly interest rate = 9% / 12 = 0.09 / 12 = 0.0075

n = number of payment months = 3

Substituting all the figures into equation (1), we have:

P = ($1,000 * (0.0075 * (1 + 0.0075)^3)) / (((1 + 0.0075)^3) - 1)

P = $338.35

Therefore, we have:

Total repayment = P * 3 months = $338.35 * 3 = $1,015.05

Interest amount = Total repayment - Loan principal = $1,015.05 - $1,000 = $15.05.

Therefore, the amount that Barry would pay in interest for his loan is $15.05.

You might be interested in
Help me pls !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
defon

Answer:

for part A the answer is B and for part B I think the answer is B too.

3 0
3 years ago
If a yarn is 4/5 long and the other yarn is 2/4 long. What is the equilivent fraction.Also try you best.
Kipish [7]
36/20 or simplified and as a mixed number would be:
1 and16/20
6 0
3 years ago
Kathy is training for a 10 mile race. How many feet will Kathy run?
Julli [10]
5,280 feet per mile
10 miles
5,280x10= 52,800
5 0
3 years ago
You have 16 socks in your drawer. 4 are black, 6 are white, 4 are blue, and 2 are gray. Suppose you randomly choose a sock, repl
Alinara [238K]

Answer:

11/32

Step-by-step explanation:

4/16 + 2/16 - 1/32

simplify and solve

4 0
3 years ago
URGENT!! EASY IM DUMB MY LAST 2 QUESTION WILL FOREVER BE GRATEFUL PLS HELP WILL GIVE BRANLIEST!! AT LEAST TAKE A LOOK!!!! PLS I
BigorU [14]

Answer:

16. A

17. D

Step-by-step explanation:

16. By saying that a line intersects one plane and then another, you are saying that a line is existing on two planes. This is a direct contradiction to the statement.

17. The triangle is equilateral because syllogism is basically connecting the dots. If the angles in the triangle are all equal, it has all equal sides, and if it has all equal sides, then it is equilateral, therefore, it is D, not C.

4 0
3 years ago
Other questions:
  • Multiply.
    6·1 answer
  • If x+y=10 and x-y=6 , what is the value of x³-y³​
    11·1 answer
  • Is this correct for number 3.
    13·1 answer
  • Number 4. Need help
    11·1 answer
  • W2 – 2w<br> Complete square to make perfect square trinomial
    8·1 answer
  • Determine the coordinates of the vertices of the rectangle to compite the area of the rectangle using the distance formula.​
    8·1 answer
  • 1. Explain the most common types of sampling methods. If you needed to survey a city about a new road project, which sampling me
    15·1 answer
  • Just got a 100 point question skim answered HA
    11·1 answer
  • What is the value of x?<br> O 30<br> O 45<br> (3x)<br> 055<br> -7-0<br> R.<br> O 60<br> w
    6·1 answer
  • Can anybody help meee
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!