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eduard
2 years ago
10

Consider a credit card with a balance of $7000 and an APR of 16.5 %. If you want to make monthly payments in order to pay off th

e balance in 1 year, what is the total amount you will pay? Round your answer to the nearest cent, if necessary.​
Mathematics
1 answer:
shtirl [24]2 years ago
7 0

9514 1404 393

Answer:

  $7641.24

Step-by-step explanation:

The amortization formula tells the payment amount.

  A = P(r/n)/(1 -(1 +r/n)^(-nt))

where principal P is paid off in t years with n payments per year at interest rat r.

Using the given values, we find ...

  A = $7000(0.165/12)/(1 -(1 +0.165/12)^-12) = $7000×0.01375/(1 -1.01375^-12)

  A = $636.77

The total of 12 such payments is ...

  $636.77 × 12 = $7641.24

You will pay a total of about $7641.24.

_____

<em>Additional comment</em>

Since the payment amount is rounded down, the actual payoff will be slightly more. Usually, the lender will round interest and principal to the nearest cent on each monthly statement. The final payment will likely be a few cents more than the monthly payment shown here.

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LMNO is a parallelogram. If NM = x + 33 and OL = 4x + 9, find the value of x and then find NM and OL.
anyanavicka [17]
Because these are on opposite sides of the parallelogram, x + 33 = 4x + 9.

This gives you x = 8; OL = 41, NM = 41. 
7 0
3 years ago
Last year Mr. Christian‘s class had 30 students .this year the number of students in his class is 150% of the number of students
kow [346]

Answer:

He has 45 kids now.

Step-by-step explanation:

3 0
2 years ago
mr. larsen's third grade class has 22 students, 12 girls and 10 boys. two students must be selected at random to be in the fall
faust18 [17]

The probability that no boys will be chosen is 0.2857

What is probability?

The area of arithmetic called likelihood deals with numerical representations of the chance that an incident can occur or that a press release is true.

Main Body:

Total students =22

total boys = 10

total girls =12

Now we have to chose 2 girls from 12 , so combination is used to select ,

⇒¹²C₂

Also, We have to chose 2 girls from 22 students

so it can be represented as ,

⇒²²C₂

Probability of choosing 2 girls = ¹²C₂/²²C₂

On solving this we will get = 0.2857

Hence the probability is 0.2857

To know more about probability , visit;

brainly.com/question/13604758

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5 0
1 year ago
A bakery sells 4 dozen cupcakes every 3 hours. If the bakery is open 8 hours each day, how many days does it take to sell 640 cu
zmey [24]

5 days does it take to sell 640 cupcakes.

Given:

A bakery sells 4 dozen cupcakes every 3 hours.

If the bakery is open 8 hours each day.

4 dozen cupcakes = 4*12 cupcakes

= 48 cupcakes

48 cupcakes = 3 hours

divide by 3 on both sides

3hours/3 = 48/3 cupcakes

1 hour = 16 cupcakes

Number of cupcakes for 8 hours = 8 * 16 = 128 cupcakes.

128 cupcakes sells in one day.

To sell 640 cupcakes = 640/128

= 5 days.

Therefore 5 days does it take to sell 640 cupcakes.

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8 0
1 year ago
2605 rounded to the nearest hundred
Fittoniya [83]
It would round to 2600
8 0
3 years ago
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