What is 4.62 divided be 5 I need step by step please fast
2 answers:
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Answer:
1) (D)
2) (B)
3) (C)
Step-by-step explanation:
1) Amount borrowed = $1380 (P)
APR =13% or 0.13 (R)
Time = 15 months (T) = 15/12
Interest amount =
=
= $224.25
Total amount = 1380+224.25
= $1604.25
Monthly payment = 1604.25/15 = $106.95 (D)
2) Amount borrowed = $2240
APR = 15% or 0.15
Time = 18 months
Interest =
=
= $504 (B)
3) Amount borrowed = $5500
APR = 11.5% or 0.115
Time = 5 years
n= 12 (compounded monthly)
M =
=
= $120.95 (C)