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Lostsunrise [7]
3 years ago
10

Ricky is taking out a personal loan for $12,000 to remodel his kitchen. He would like the lowest monthly payment possible, even

if it means a bigger finance charge in the end. His bank has offered him a loan at 13% interest for 36 months or 12% interest for 60 months, both of which are compounded monthly. Which of the following statements most accurately describes what Ricky should be thinking?
Mathematics
2 answers:
Arisa [49]3 years ago
4 0

Answer:

The answer is:

a. More payments with the 60 month loan will give him the lowest monthly payment.

Step-by-step explanation:


SSSSS [86.1K]3 years ago
3 0

Let me help you, but first I will explain the formula used to calculate monthly compound interest.

The formula used to calculate compound monthly compound interest is

a=p(1+r/n)^nt

P Represents the principal

R Represents the rate (in decimal)

N is basically 12 months

T Represents the time (in years)

Let's plug the numbers in.

First statement

"His bank has offered him a loan at 13% interest for 36 months"

12000(1+.13/12)^(12)(3)

12000(1+.13/12)^(12)(3) = $17,686.64

Second statement

"12% interest for 60 months"

Plug in the numbers into the formula.

12000(1+.12/12)^(12)(5)

12000(1+.12/12)^(12)(5) = 21,000.36

<u>Answer</u>

The answer would be "13% interest for 36 months" as it is much lower compared to the other statement.

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Answer:

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2 years ago
Find m&gt;X <br> 21.04<br> 22.62<br> 67.38<br> 68.96
valina [46]

Answer:

67.38 degrees

Step-by-step explanation:

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4 0
3 years ago
Suppose 10% of all people are left-handed. If 450 people are selected at random, what is the expected number of left-handed peop
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The expected number of left-handed people in the sample= 45

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Learn more about probability here:

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