Amount of Interest (I) = P * R * T /100
I = 1675 * 4.6 * 4 /100
I = 308.20
Balance = Initial amount + Interest amount
B = 1675 + 308.20 = 1983.20
In short, Your Answer would be $1983.20
Hope this helps!
Answer: n = 130
Step-by-step explanation:
The sequence is an Arithmetic progression ( AP )
The last term of the sequence is (L) is 394 with the formula
L = a + ( n- 1 )d . From the sequence, a = 7, d ( common difference ) = 3 and L ( last term ) = 394, and n = ?
Put those values in the formula above and solve for n.
a + ( n - 1 )d = L
7 + ( n - 1 ) x 3 = 394
7 + 3n - 3 = 394
4 + 3n = 394
3n = 394 - 4
3n = 390
n = 130
Since the problem is requiring us to use the loan repayment calculator and here is what the calculator gave:
Loan Balance: $25,506.00
Adjusted Loan Balance: $25,506.00
Loan Interest Rate: 6.80%
Loan Fees: 0.00%
Loan Term: 10 years
Minimum Payment: $0.00
Monthly Loan Payment: $293.52
Number of Payments: 120 months
Cumulative Payments: $35,223.07
Total Interest Paid: $9,717.07
It is projected that you will need an annual salary of a minimum $35,222.40 to be capable to have enough money to repay this loan. This approximation assumes that 10% of your gross monthly income will be keen to repaying your student loans. This resembles to a debt-to-income ratio of 0.7. If you use 15% of your gross monthly income to repay the loan, you will need an annual salary of only $23,481.60, but you may experience some financial difficulty. This corresponds to a debt-to-income ratio of 1.1.
Remark
Multiply both sides of the equation by 25. Then you have an equation that you have already done probably.
Step One
Multiply both sides of the equation by 25
1 * (20 - t) = 4t - (3/5) * 25 Every part of the equation must be multiplied by 25
(20 - t) = 4t - 75/5 3*25/5 = 75/5
20 - t = 4t - 15 Add t to both sides
20 - t + t =4t + t - 15 Combine like terms
20 = 5t - 15 Add 15 to both sides
20 + 15 = 5t - 15 + 15 Combine like terms
35 = 5t Divide by 5
35/5 = 5t/5 Switch sides
t = 7 Answer
