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stiks02 [169]
2 years ago
11

20. You owe $1,568.00 on a credit card with a limit of $2,200.00 at an interest rate of 11.3% APR. You pay $300.00/month until i

t is paid off. How many months does it take you to pay it off?
- 6 months
- 9 months
- 4 months
- 7 months
Mathematics
1 answer:
DIA [1.3K]2 years ago
6 0

Answer:

  (a)  6 months

Step-by-step explanation:

The formula for figuring the monthly payment on an amortized loan can be used for finding the length of time it takes to pay off the loan.

That formula is ...

  A = P(r/12)/(1 -(1 +r/12)^(-12t))

where A is the monthly payment, P is the principal value of the loan, r is the annual interest rate, and t is the number of years.

__

Using the given information, we can solve for t:

  300 = 1568(0.113/12)/(1 -(1 +0.113/12)^(-12t))

  1 -(1 +0.113/12)^(-12t) = 1568(0.113)/(12(300))

  (1 +0.113/12)^(-12t) = 1 -(1568·0.113)/(12·300) ≈ 0.950782

Taking logs, we get ...

  -12t·log(1 +0.113/12) = log(0.950782)

  t = log(0.950782)/(-12·log(1 +0.113/12)) ≈ 0.448739 . . . . years

This fraction of a year is ...

  (12 months/year)(0.448739 years) = 5.38 months

It will take you 6 months to pay off the loan.

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Compute​ P(x) using the binomial probability formula. Then determine whether the normal distribution can be used to estimate thi
stich3 [128]

Answer:

The answers to the questions are;

A) P(X) where x = 12 is equal to 3.55 ×10⁻²

B) P(x) using the normal distribution is given by the probability distribution function and is equal to 3.453 ×10⁻²

C) The calculated probabilities of P(x=12) using the binomial probability formula and the probability distribution function differ by 9.7×10⁻⁴

D) The normal distribution be used to approximate this probability because     a. because np(1-p) %u2265 ⇒ np(1-p) ≥ 10

E) c. the value of fi represents the expected proportion of observation less than or equal to the ith data value.

Step-by-step explanation:

To solve the question, we note that

n = 58

p = 0.3

x = 12

Here we have n·p = 17.4 and n·q = 40.6 both ≥ 5 that is the normal distribution can be used to estimate the probability

A) We are to use the binomial probability formula to find P(X)

Where x = 12, we have P(12) = ₅₈C₁₂×0.3¹²×0.7⁴⁶

= 891794789340×0.000000531441×7.49×10⁻⁸ = 3.55 ×10⁻²

B) Using the standard distribution table we have

the z score for x = 12 given as z = \frac{x-\mu}{\sigma} = -1.55

From the normal distribution table, we have the probability that value is below 12 = .06057 while the normal probability distribution function which gives the probability of a number being 12 is given by

\frac{1}{\sigma\sqrt{2 \pi } } e^{\frac{-(x-\mu)^2}{2\sigma^2} }

where:

σ = Standard deviation = \sqrt{npq} = \sqrt{np(1-p)} = \sqrt{58*0.3*(1-0.3)} = 3.48999

μ = Sample mean = n·p = 58×0.3 =17.4

Therefore the probability density function is \frac{1}{3.49\sqrt{2 \pi } } e^{\frac{-(12-17.4)^2}{2*3.49^2} } = 3.453*10^{-2}

C)  The probabilities differ by 3.55 ×10⁻² -  3.453 ×10⁻² =  9.7×10⁻⁴

D) The normal distribution be used to approximate this probability because     n·p and n·p·(n-p) ≥ 5

E)   f_i represents the area under the curve towards left of the ith data observed in a normally distributed population.

Therefore, the value of fi represents the expected proportion of observation less than or equal to the ith data value  

5 0
2 years ago
(cos6x+6cos4x+15cos2x+10)/cos5x+5cos3x+10cosx
kakasveta [241]
Please see figure for answers

5 0
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Julio invested $2,000 in a simple interest account for 3 years.She had earned $150 in interest by the end. What is the simple in
german
The formula is
R=I/pt
R interest rate?
I interest earned 150
P principle 2000
T time 3 years
R=150÷(2,000×3)
R=0.025 × 100
R=2.5%

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The answer is D. 5.4
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