Roderigo has just finished paying back his $8,575 unsubsidized Stafford loan, which he took out to fund his four-year degree. The loan had a duration of ten years and an interest rate of 7.1%, compounded monthly. Roderigo will allow interest capitalization. If Roderigo made monthly payments to pay off his loan, how much interest did he pay in total? Round all dollar values to the nearest cent.

Answers

Answer 1

Answer:

Answer:

Roderigo will pay $7353.80 in interest.

Step-by-step explanation:

Interest capitalization means the interest earned is added to the principle amount so first we will use compound interest formula.

Compound interest formula is :

$p(1+(r)/(n) )^(nt)$

p = 8575

r = 7.1% or 0.071

n = 12

t = 4

Putting the values in formula we get;

$8575(1+(0.071)/(12) )^(48)$

Solving this we get;

Amount = $11381.94

For the next part we have EMI formula as:

$(p* r*(1+r)^(n) )/((1+r)^(n)-1 )$

p = 11381.94

r = $7.1/12/100=0.005917$

n = $12*10=120$

$(11381.94*0.005917*(1+0.0059147)^(120) )/((1+0.005917)^(120)-1 )$

= $(11381.94*0.005917*(1.005917)^(120) )/((1.005917)^(120)-1 )$

EMI = $132.74

Now total payments made in 120 months (10 years) = $132.74*120=15928.80$ dollars

Now, interest paid = $15928.80-8575=7353.80$ dollars

Hence, Roderigo will pay $7353.80 in interest.

Answer 2

Answer: ___________C. $7,353.80

Related Questions

Please help asap graphing slope
A belt runs a pulley of radius 8 inches at 60 revolutions per minute. a) Find the angular speed in radians per minute. b) Find the linear speed in inches per minute.
you deposit 1000 in savings account that earns .5% each month assuming you do not deposit or withdraw any money from the account, how much will you have in the account after 3 years
Write 240000 in standard form
??What's the balance ??

The cost y (in dollars) to rent a pickup truck is proportional to the number x of hours that the pickup truck is rented. It costs $100 to rent the truck for 4 hours. Write an equation that represents the cost to rent a pickup truck for x hours?

Answers

Answer:

Step-by-step explanation:D∧M a\\

Final answer:

The cost to rent the truck is directly proportional to the number of hours it's rented for. We determine the constant of proportionality to be $25 per hour. Therefore, the equation representing the cost of renting the truck for 'x' hours is y = 25x.

Explanation:

The subject of your question pertains to Mathematics, specifically with relation to a concept called proportionality. In this particular case, the cost of renting a pickup truck (y in dollars) is proportional to the number of hours the truck is rented (x). Since we know that the truck costs $100 for 4 hours, we can use these values to establish a ratio which can be represented as an equation. The ratio of cost to hours is $100/4 hours which simplifies to $25/hour. This is the constant of proportionality. Therefore, the equation that represents the cost to rent the pickup truck for x hours is y = 25x. This equation delineates that for every hour the truck is rented, the cost increases by $25.

Learn more about Proportionality here:

brainly.com/question/29184295

#SPJ12

2/5+3/4 please help me

Answers

Answer:

23/20

Step-by-step explanation:

Answer:

1.15 correct me If I am wrong

Step-by-step explanation:

Một xưởng dệt thảm được giao làm một số thảm trong 30 ngày. Thực tế xưởng dệt đã tăng năng xuất lên 25% nên sau 25ngay không những đã làm xong số thảm mà còn làm thêm được 20 chiếc nữa. Tính số lượng thảm mà xưởng đã dệt trong 25 ngày

Answers

Gọi số tấm thảm xưởng dệt dệt theo dự định là x ( tấm, x >0 )

⇒ số tấm thảm xưởng dệt dệt trong 1 ngày theo dự định x/30 (tấm)

xưởng dệt dệt đc số tấm thảm trong thực tế là x/20 (tấm)

⇒số tấm thảm xưởng dệt dệt trong 1 ngày thực tế là x+20/25 (tấm)

Vì năng suất tăng 25% nên số tấm thảm dệt được trong 1 ngày thực tế sẽ bằng 125% số tấm thảm dệt đc trong 1 ngày theo dự định nên ta có PT : x+20/25=125% * x/30

me lười làm khúc dưới quá nên tự xử nha.

Which of the following systems of nonlinear inequalities is graphed below?

Answers

Answer:

the correct answer is B.

Step-by-step explanation:

and can u get me 5 stars please and thank u

PLEASE HELP. What is the equation of the circle in standard form where the center is (-16,-14) and another point on the circle is (-8,-8)

Answers

recall that the radius is the distance from the center of a circle to any point on the circle.

we know the center is at -16,-14, and we know that -8,-8 is a point on the circle, so the distance between both must be the radius.

$\bf ~~~~~~~~~~~~\textit{distance between 2 points}\n\n(\stackrel{x_1}{-16}~,~\stackrel{y_1}{-14})\qquad(\stackrel{x_2}{-8}~,~\stackrel{y_2}{-8})\qquad \qquadd = √(( x_2- x_1)^2 + ( y_2- y_1)^2)\n\n\n\stackrel{radius}{r}=√([-8-(-16)]^2+[-8-(-14)]^2)\n\n\nr=√((-8+16)^2+(-8+14)^2)\implies r=√(8^2+6^2)\n\n\nr=√(100)\implies \boxed{r=10}\n\n[-0.35em]\rule{34em}{0.25pt}$

$\bf \textit{equation of a circle}\n\n(x- h)^2+(y- k)^2= r^2\qquadcenter~~(\stackrel{-16}{ h},\stackrel{-14}{ k})\qquad \qquadradius=\stackrel{10}{ r}\n\n\n\[x-(-16)]^2+[y-(-14)]^2=10^2\implies \blacktriangleright (x+16)^2+(y+14)^2=100 \blacktriangleleft$

How many terms are present in the expression (2 + 5 + 8)?

Answers

3 terms are present in your equation: 2,5,8

Answer:

3.3.3.3.33.3.33.3.3.3

Step-by-step explanation:

Other Questions

A charity fair raised $6,000 by selling 500 lottery tickets. There were two types of lottery tickets: A tickets cost $10 each, and B tickets cost $60 each. How many tickets of each type were sold?

A concert is being held in your hometown. 1500 tickets are sold. Adult tickets are $10.50 and child's tickets are $7.50. If a total of $13950 worth of tickets were sold, determine how many adult tickets and how many child tickets were sold. 1st equation: 2nd equation: Solution: x = and y =

A boater travels 532 miles. Assuming the boat averages 6.3 miles per gallon, how many gallons of gasoline(to the nearest then of gallon) were used? plz show work

Normally freezing point of water is 32°F. A city treats its streets before the snow storm. In treated streets, the freezing point of water changes to -38°F. What is the new freezing point of treated water?