1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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.

You might be interested in
Which expression is equivalent to
Naily [24]

Answer: 9 a^8 b^12 c^16

Step-by-step explanation:

4√81/16a^8b^12c^16

= 4 x 9/4a^8b^12c^16

= 9a^8b^12c^16

5 0
3 years ago
Read 2 more answers
Simplify completely -4m(9m+5)​
harina [27]

Answer:4x

Step-by-step explanation:

3 0
3 years ago
Read 2 more answers
For the given line segment, write the equation of the perpendicular bisector.
Jlenok [28]

Answer:

D) y = -4/5x – 47/10

Step-by-step explanation:

Step 1. Find the <em>midpoint of the segmen</em>t.

The two end points are (-6, -4) and (-2, 1).

The midpoint is at the average of the coordinates.

(xₚ, yₚ) = ((x₁ + x₂)/2, (y₁ + y₂)/2)

(xₚ, yₚ) = ((-6 - 2)/2, (-4 + 1)/2)

(xₚ, yₚ) = (-8/2, -3/2)

(xₚ, yₚ) = (-4, -3/2)

===============

Step 2. Find the <em>slope (m₁) of the segment</em>

m₁ = (y₂ - y₁)/(x₂ - x₁)

m₁ = (1 - (-4))/(-2 - (-6))

m₁ = (1 + 4)/(-2 + 6)

m₁ = 5/4

===============

Step 3. Find the <em>slope (m₂) of the perpendicular bisector </em>

m₂ = -1/m₁

m₂ = -4/5

====================

Step 4. Find the <em>intercept of the perpendicular bisector</em>

y = mx + b

y = -(4/5)x + b

The line passes through (-4, -3/2).

-3/2 = -(4/5)(-4) + b

-3/2 = 16/5 + b      Multiply each side by 10

 -15 = 32 + 10 b    Subtract 32 from each side

 -47 = 10b             Divide each side by 10

    b = -47/10

===============

Step 5. Write the <em>equation for the perpendicular bisector</em>

y = -4/5x – 47/10

The graph shows the midpoint of your segment at (-4, -3/2) and the perpendicular bisector passing through the midpoint and (0, -47/10).

4 0
3 years ago
Which graph has a slope of 1/4?
Arte-miy333 [17]

Answer:Please include images of the graphs!

8 0
3 years ago
Read 2 more answers
2(1/2q+1)=-3(2q-1)+4(29+1)
FrozenT [24]
Q+2=-6q+3+120
Q+2= -6q+123
+6q +6q
7q+2=123
-2. -2
7q =121
Divide by 7 on each sides to get
q= About 17
4 0
3 years ago
Other questions:
  • 3x^4-6x^3-32x^2+35x-12=0
    11·1 answer
  • Which of the following represents the series in summation notation?
    8·2 answers
  • A marble factory makes single marbles, then puts them in boxes of 10, cartons of 100, and crates of 1,000. How can the marble fa
    7·1 answer
  • The figure shows a circle graphed on a coordinate plane
    5·1 answer
  • The base of a cylinder has an area of 12 cm2. This cylinder has a height of 5 cm. What is the volume of this cylinder? ​
    9·1 answer
  • Madge has cut out two triangular shapes from a block of wood, as shown below. Are the two shapes similar? Show your calculations
    8·1 answer
  • Which Fraction in this place is less than 1/2?
    7·1 answer
  • 17/2 is bigger than what?​
    10·1 answer
  • Calculate the sample standard deviation and sample variance for the following frequency distribution of hourly wages for a sampl
    11·1 answer
  • Hey yall what is 34 x 45 x 567
    10·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!