If you mean in decimal form then it would be 15.65
Answer:
$614.62
Step-by-step explanation:
The monthly payment is calculated using the formula:
![M=\frac{P(r/12)(1+r/12)^n}{(1+r/12)^n-1}](https://tex.z-dn.net/?f=M%3D%5Cfrac%7BP%28r%2F12%29%281%2Br%2F12%29%5En%7D%7B%281%2Br%2F12%29%5En-1%7D)
where:
- M= monthly payments
- P= the amount borrowed
- r= annual interest rate
- n=total number of monthly payments.
Given the amount borrowed is $7,000, r=9.75% and n=1*12=12 months, the monthly payments can be calculated as:
![M=\frac{P(r/12)(1+r/12)^n}{(1+r/12)^n-1}\\\\=\frac{7000(0.0975/12)(1+0.0975/12)^{12}}{(1+0.0975/12)^{12}-1}\\\\\\=614.62](https://tex.z-dn.net/?f=M%3D%5Cfrac%7BP%28r%2F12%29%281%2Br%2F12%29%5En%7D%7B%281%2Br%2F12%29%5En-1%7D%5C%5C%5C%5C%3D%5Cfrac%7B7000%280.0975%2F12%29%281%2B0.0975%2F12%29%5E%7B12%7D%7D%7B%281%2B0.0975%2F12%29%5E%7B12%7D-1%7D%5C%5C%5C%5C%5C%5C%3D614.62)
Hence, the monthly payments are $614.62
The chance of rolling a number greater than 4 (a 5 and 6) is 2/6 = 1/3 after simplification. The probability it WON'T happen is 1 - 1/3 = 2/3.
The ratio of against to for is 2/3:1/3
You can further simplify this ratio by multiplying each side by 3 and yielding
2:1.
The chance of it not happening is twice as likely as it is to roll a number greater than 4