The payments are ...
A = P(r/n)/(1 -(1+r/n)^(-nt))
where P is the principal amount, $699,000*0.80 = $559,200
r is the annual interest rate, 0.05
n is the number of compoundings per year, 12
t is the number of years.
Then
A = 559,200*(0.05/12)/(1 -(1 +0.05/12)^(-12*35)) = 2822.21
The total of 420 of these payments is $1,185,328.20, which is $626,128.20 more than the loan amount.
Jamie's total finance charge is about $626,128.20.
_____
There is always some minor adustment required in the amount of the last payment. That has not been taken into account here.
Answer:
x1 = 275 miles (shorter)
x2 = 318 miles (longer)
Step-by-step explanation:
Let
x1 = be the shorter route
v1 = speed of the car in the shorter route
t1 = time it took to cover shorter route
x2 = the longer route
v2 = speed of the car in the longer route
t2 = time it took to cover longer route
x1 + 43 = x2 (1)
v2 = v1 -2 (2)
v2 = x2/t2 = x2/6
v1 = x1/t1 = x1/5
This means that
v2 = v1 -2 =>
x2/6 = x1/5 -2
The system of equations results
a. x1 -x2 = -43
b. x1/5 - x2/6 = 2
Solving this system of equations, we find that
x1 = 275 miles
x2 = 318 miles
Answer:
The answer :
<em>Bob spend $160</em><em>.</em>
<em>Josh spe</em><em>nd</em><em> </em><em>$80</em><em>.</em>
<em>Ralp</em><em> </em><em>spend</em><em> </em><em>$</em><em>2</em><em>0</em><em>.</em>