1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Semmy [17]
3 years ago
9

Determine the monthly payment of a loan for $3,000 at 7. 5% interest compounded monthly for 36 months. A. $93. 32 b. $95. 40 c.

$211. 33 d. $253. 60.
Business
1 answer:
den301095 [7]3 years ago
6 0

The correct statement is that the monthly payment of a loan of $3000 will be $104.11. The calculations obtained are not relevant with the options of the statement quoted above.

The calculations can be done by applying the values to the formula of compounded interest and then further multiplying the values obtained with the number of monthly payments.

<h3>Calculation of Compounded Monthly Payments </h3>

  • The formula to calculate compound interest is as below.

  • \rm Compounded\ Annuity= 3000(1+ \dfrac{0.075}{12})^1^2\ ^x\ ^3\\\\\\\rm Compounded\ Annuity= 3000(1+ 0.00625)^3^6\\\\\\\rm Compounded\ Annuity= $3754.11

  • The values obtained will now be derived into the following formula,

  • \rm Compounded\ Payments = \dfrac{Annuity}{No.\ of\ Monthly\ Payments}\\\\\\\rm Compounded\ Payments = \dfrac{3754.11}{36}

  • Continuing further,

  • \rm Compounded\ Payments= \$104.11

So, it is clear that the compounded monthly payments will be $104.11.

Hence, the monthly payment of loan for 36 months will be $104.11 which will be paid monthly at the rate of 7.5%.

To know more about Compounded payments, click the link below.

brainly.com/question/8441564

You might be interested in
Which of these would be a good candidate for a one-variable data table and payment function?
choli [55]
The correct option is this: CHECKING SCENARIOS WITH VARIABLE DOWN PAYMENT. 
A data table is a range of cells, which shows how changing one or two variables in one's formula can affect the value of that formula.
In excel, instead of creating several scenarios, one can create a data table with which one can quickly try out different values for formula.<span />
7 0
3 years ago
Which of the examples provides the best evidence that inflation has occurred? A person whose salary has decreased is able to pur
vladimir2022 [97]

Answer:

A person whose salary has increased is able to purchase fewer goods and services.

Explanation:

Inflation is characterized by an increase in the prices of goods and services along with a reduction in the purchasing power.

Real income of an individual refers to the income which has been adjusted for the effects of inflation. Whereas, Nominal income refers to the income which is before any such adjustment for inflation.

In the given case, the nominal income has increased i.e if we ignore inflation. But while considering inflation, the real income of the individual has reduced evidenced by the fact that the purchasing power has reduced.

7 0
3 years ago
If the U.S. dollar appreciates, an MNC's: a. exports denominated in foreign currencies will probably increase. b. U.S. sales wil
Hoochie [10]

Most likely when the U.S. dollar appreciates, the MNC's interest owed on foreign funds borrowed will probably increase.

MNC refers to Multinational corporation .

  • The Multinational corporation are known to borrow from foreign bodies in dollars.

  • Hence, when the dollar appreciates, the amount owed to the foreign bodies will increase consequently.

Therefore, the Option C is correct because the MNC's interest owed on foreign funds borrowed will probably increase when U.S. Dollars appreciates.

Read more about this here

<em>brainly.com/question/14124450</em>

4 0
2 years ago
If marginal cost is greater than average cost, then
Alex777 [14]
Answer (Marginal costs)

The answer is marginal costs because they are the highest in the margin.

Hope this helps have a nice day :)
8 0
2 years ago
A news article details the destruction of a recent earthquake. Which of the following are readers of the article likely to do as
elena55 [62]

A news article details the destruction of a recent earthquake. Readers of the article likely to do as result are Overestimate their risk of earthquakes. Thus option A is correct.

<h3>What is Earthquake?</h3>

Earthquakes is referring to a kind of natural disaters which occurs due to the movement of tectonic plates. when these tectonic plates move and collapse with one another results in an earthquake.

When a news article shows destruction related to earthquakes people will most likely analyze their risk from earthquakes and evaluate whether they are safe from them or not.

Therefore, option A is appropriate.

Learn more about Earthquakes, here:

brainly.com/question/1296104

#SPJ1

7 0
2 years ago
Other questions:
  • Kevin is the financial manager of levingston bmw. the shop allows employees to purchase up to two vehicles at a discount. leving
    9·1 answer
  • What are some of the reasons businesses fail?
    6·1 answer
  • On January 1, 2019, Brooks, Inc., borrows $90,000 from a bank to purchase machinery. Brooks signs a 5 percent installment note r
    10·1 answer
  • A popular sports company grants a license to people who use their logo on T-shirts and caps. They charge the company for the rig
    5·2 answers
  • Sandstorm Corporation decides to develop a new line of paints. The project begins in 2019. Sandstorm incurs the following expens
    10·1 answer
  • The following information is available for completed Job No. 402: Direct materials, $120000; direct labor, $180000; manufacturin
    7·1 answer
  • The original cost of an inventory item is below both replacement cost and net realizable value. The net realizable value less no
    7·1 answer
  • Eisler Corporation issued 2,000 $1,000 bonds at 101. Each bond was issued with one detachable stock warrant. After issuance, the
    15·1 answer
  • Travers Manufacturing incurred $106,000 of direct labor and $11,000 of indirect labor. The proper journal entry to record these
    14·1 answer
  • Why should you avoid sending or receiving private email at work?
    15·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!