Identify the problem by analyzing the given scenario. An IT software company is losing market share because it fails to launch n
1 answer:
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For this case we have an equation of the form:
Where,
A: initial amount
b: growth rate
x: number of years
Substituting values we have:
By the time the earnings increase to 75000 we have:
From here, we clear x:
Answer:
you will have to wait until 23.95 years your winnings are worth $ 75,000
Where,
A: initial amount
b: growth rate
x: number of years
Substituting values we have:
By the time the earnings increase to 75000 we have:
From here, we clear x:
Answer:
you will have to wait until 23.95 years your winnings are worth $ 75,000
Answer: 45 months
Explanation:
Credit owed $7200
Monthly payment $225
APR annaully 18.4%
Monthly APR = 18.4/12 = 1.533%
SOLUTION
1st Month interest payment
1.533% x $7200 / 100 = $110.40
Principal paid (monthly payment - interest paid) = $225 - $110.40 = $114.60
Balance ( principal - principal paid) = 7200 - 114.60 = $7085.40
2nd Month interest payment
1.533% x $7085.40 / 100 = $108.64
Principal paid (monthly payment - interest paid) = $225 - $108.64 = $116.36
Balance ( principal - principal paid) = $7085.40 - $116.36 = $6969.04
By following this step up to the 45th month you get $74.74 as the monthly payment this sums up to.
Month interest payment
1.533% x $74.74 / 100 = $1.15
Principal paid (monthly payment - interest paid) = $75.88 - $1.15 = $74.74
Balance ( principal - principal paid) = $74.74 - $74.74 = $0
The payment would be completed at exactly 45months
