In an installment loan, a lender loans a borrower a principal amount P, on which the borrower will pay a yearly interest rate of i (as a fraction, e.g. a rate of 6% would correspond to i=0.06) for n years. The borrower pays a fixed amount M to the lender q times per year. At the end of the n years, the last payment by the borrower pays off the loan.
After k payments, the amount A still owed is
<span>A = P(1+[i/q])k - Mq([1+(i/q)]k-1)/i,
= (P-Mq/i)(1+[i/q])k + Mq/i.
</span>The amount of the fixed payment is determined by<span>M = Pi/[q(1-[1+(i/q)]-nq)].
</span>The amount of principal that can be paid off in n years is<span>P = M(1-[1+(i/q)]-nq)q/i.
</span>The number of years needed to pay off the loan isn = -log(1-[Pi/(Mq)])/(q log[1+(i/q)]).
The total amount paid by the borrower is Mnq, and the total amount of interest paid is<span>I = Mnq - P.</span>
Answer:
If your wanting to find the difference in these numbers or trying to gind the sum of them... It would be -1
Step-by-step explanation:
Answer:
x > 2
Step-by-step explanation:
-2x > -4 you get this by subtracting 8 from the left side and in turn subtracting 8 from the other side
x > 2 you get this by dividing -2 from both sides
Answer:
The verticle angles are AB and ED
Step-by-step explanation:
Answer:
D) 28+32
Step-by-step explanation:
Well, if you solve the equation in the question, you derive 60.
So, solve all of the equations in the answer, and you find that the last answer choice is the only one that equals 60.
Hope this helped.
