Answer:
Step-by-step explanation:
We're not quite sure why you estimated the monthly payment at several times the value of the entire loan.
The applicable formula is the amortization formula. It computes the monthly payment A on loan principal value P at annual rate r for t years to be ...
A = P(r/12)/(1 -(1 +r/12)^(-12t))
The value of r used in this formula is the decimal equivalent of the percentage rate. 7.5% = 0.075; 9% = 0.09
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<h3>a)</h3>The formula with Nicole's numbers filled in looks like ...
A = $90,000(0.075/12)/(1 -(1 +0.075/12)^(-12·30))
= $90,000(0.00625)/(1 -(1.00625^-360)) = $562.50/(1 -0.1051398)
A ≈ $629.293 ≈ $629.29 . . . . Nicole's monthly payment
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<h3>b)</h3>Using the same formula with P=$70,000, r=0.09, t=30, we find Zack's monthly payment to be $563.24.
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<em>Additional comment</em>
If you're doing a number of problems of this type, it can be helpful to use a tool that will do the calculation for you without error. A graphing calculator or spreadsheet can do that. One example is shown in the attachment.
Answer:
The absolute error of the measurement is 0.25 inches
Step-by-step explanation:
we know that
The absolute error of a measurement is equal to one half the unit of measure.
In this problem we have
7.5 inches
The measurement is given by 0.5 inches
So
the absolute error of this measurement is
Therefore
the exact measurement could be between
7.5 (+/-) 0.25 in
That is, between 7.25 in and 7.75 in