Present value of annuity PV = P(1 - (1 + r/t)^-nt) / (r/t)
where: p is the monthly payment, r is the APR = 14.12% = 0.1412, t is the number of payments in one year = 12, n is the number of years = 2.
1,120.87 = P(1 - (1 + 0.1412/12)^(-2 x 12)) / (0.1412 / 12)
0.1412(1120.87) = 12P(1 - (1 + 0.1412/12)^-24)
P = 0.1412(1120.87) / 12(1 - (1 + 0.1412/12)^-24) = $53.88
Minimum monthly payment = 3.15% of 1120.87(1 + 0.1412/12) = 0.0315 x 1120.87(1 + 0.1412/12) = $35.72
Therefore, his first payment will be greater than the minimum payment by 53.88 - 35.72 = $18.16
Answer:
3
Step-by-step explanation:
the equation would be 5 = 3(3) - 4
which is 9 - 4 = 5
So,
If the number in the ten-thousandth's place is greater than or equal to 5, then round up. If not, round down.
0.1325: Note the 5. We round up.
0.1325 --> 0.133
Step-by-step explanation:
there are 7 decimal places from between 2 and 3 to the very end. so the answer is 7
Answer:
Z score with a confidence level of 95% is 1.96
Step-by-step explanation:
The computation of the z score with the confidence level of 95% is shown below:
While determining the margin of error for the normally distributed population from the sample, the z score of the confidence level of 95% is 1.96
The same is to be considered
Therefore the third option is correct
