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.
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<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.
Step-by-step explanation:
Abby’s Expression:
Double m, giving 2m. She then takes 20% of the result, which we can write 0.2(2m). Finally she subtracts this from 2m, giving 2m−(0.2)2m
2m − (0.2)2m
Renato’s Expression:
Divide m by 5, giving m ÷ 5 = m/5, and then multiplies the result by 8, giving:
8(m/5)
D------------------------
-2 is the answer because you do the change of y over the change of x.
