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lidiya [134]
2 years ago
14

Solve the inequality. (look at the picture)

Mathematics
1 answer:
OverLord2011 [107]2 years ago
7 0
C is the correct answer hope that helps
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You plan to borrow $36,500 at a 7.7% annual interest rate. The terms require you to amortize the loan with 7 equal end-of-year p
erma4kov [3.2K]

The amount of interest you would be paying in Year 2 is: $2,492.62.

<h3>Interest</h3>

First step is to calculate the Equal Monthly Payment

Equal Monthly Payment=P×r×(1+r)^t/(1+r)^t-1

Where:

P=Principal=$36,500

r=Rate=7.7%

t=Time=7 years

Equal Monthly Payment=36,500×0.077×(1+0.077)^7÷(1+0.077)^7-1

Equal Monthly Payment=36,500×0.077×(1.077)^7÷(1.077)^7-1

Equal Monthly Payment=36,500×0.077×1.6807763÷1.6807763-1

Equal Monthly Payment=4,723.82/0.6807763

Equal Monthly Payment=$6,938.875

Second step is to calculate Year 1 Closing balance

Year 1 Closing balance  = Beginning  balance + Interest - EMI Payment

Year 1 Closing balance=  $36,500 +($36,500×7.7%) - $6,938.875

Year 1 Closing balance=  $36,500 + $2,810.5 -$6,938.875

Year 1 Closing balance =   $32,371.625

Third step is to calculate year 2 interest

Year 2 Interest= $32,371.625×7.7%

Year 2 Interest=$2,492.62

Therefore the amount of interest you would be paying in Year 2 is: $2,492.62.

Learn more about interest here:brainly.com/question/15259578

#SPJ1

8 0
1 year ago
What is the volume of the cylinder below?
Alex777 [14]
تطنسجججوطرطرًيً ر. رر
5 0
2 years ago
Discounts: there are 125,000 American soldiers in Iraq . 25% are infantry. From the rest 40% are reservist. How many reservist a
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3 years ago
Simplify (2b+9)+(13+5b)
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3 years ago
Simplify: 5(8r) + 3(4r)
stich3 [128]
35r+12r =

47r is your answer:))
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2 years ago
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