On a loan of $32,000 at 7% interest for 6 months, how much do you wind up paying to pay off the loan?.
1 answer:
The amount to be paid at the end of the loan period will be $33,120. The rate of interest on the loan is given as per annum and hence the interest is to be calculated for 6 months.
<h3>Calculation of settlement amount of loan:</h3>Given:
Interest is calculated from the following formula:
Hence the interest for the loan will be:
The final payment for the loan will be the combination of principal and interest.
Therefore final payment = $32,000 +$1,120
= $33,120
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1) For x > 18:
From normal distribution table, P(x > 18) = P(z > 1.25) = 1 - P(z < 1.25) = 1 - 0.8944 = 0.1056
2) For x < 10:
From normal distribution table, P(x < 10) = P(z < -2.08) = 0.0188
3) For x > 12:
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From normal distribution table, P(12 < x < 16) = P(z < 0.42) - P(z < -1.25) = 0.6628 - 0.1056 = 0.5572