Bob has taken out a loan of $15,000 for a term of 48 months (4 years) at an interest rate of 6.5%. Using the amortization table provided, what will be his total finance charge over the course of his loan?Monthly Payment per $1,000 of Principal
Rate 1 Year 2 Years 3 Years 4 Years 5 Years
6.5% $86.30 $44.55 $30.65 $23.71 $19.57
7.0% $86.53 $44.77 $30.88 $23.95 $19.80
7.5% $86.76 $45.00 $31.11 $24.18 $20.04
8.0% $86.99 $45.23 $31.34 $24.41 $20.28
8.5% $87.22 $45.46 $24.65 $24.65 $20.52
9.0% $87.45 $45.68 $31.80 $24.89 $20.76
A.
$355.65
B.
$975.00
C.
$1,682.40
D.
$2,071.20
E.
$17,071.20
Answers
The total finance charge over the course of his loan is $2071.20.
It is required to find the total finance charge.
What is simple & compound interest?
Simple Interest can be defined as the sum paid back for using the borrowed money, over a fixed period of time. Compound Interest can be defined as when the sum principal amount exceeds the due date for payment along with the rate of interest, for a period of time. Formula. S.I. = (P × T × R) ⁄ 100.
Given that:
Loan= $15,000
The table tells you that Bob's monthly payment on a 4-year loan at 6.5% will be 23.71 per thousand borrowed.
The sum of those 48 payments is ...
=48 × $23.71 =
=$1138.08
That means, Bob pays $138.08 in total finance charge for each $1000 he borrows. He is borrowing 15 times $1000.
so his total finance charge will be
= 15 × $138.08
= $2071.20
Therefore, the total finance charge over the course of his loan is $2071.20.
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Answer:
D.
$2,071.20
Step-by-step explanation:
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A student is trying to solve the set of two equations given below:Equation A: x + z = 6 Equation B: 3x + 2z = 1 Which of the following is a possible step used in eliminating the z-term
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Applying the distance formula (which is also the Pyth. Thm.):
distance from R to S or vice versa = sqrt( 5^2 + 12^2) = sqrt( 169) = 13 (answer)
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So,
y=2x+5
The gradient is 2
The parallel line also has a gradient of 2
In this case:
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the slope "m" will be equato to : "2".
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Answers
Compound interest is the addition of interest. The interest that is needed to be paid by Jim in the 4 years of tenure is $2253.98.
What is compound interest?
Compound interest is the addition of interest on the interest of the principal amount. It is given by the formula,
We know that the Principal amount received by Jim is $2000, while the interest that Jim needs to pay is 3% quarterly, therefore, he needs to pay the interest 4 times a year. Thus, the value of n is 4.
Now, we know all the values therefore, substitute the values in the formula of compound interest,
Hence, the interest that is needed to be paid by Jim in the 4 years of tenure is $2253.98.
Learn more about Compound Interest:
Answer:
$2253.98
Step-by-step explanation:
Jim received a $2000 loan from his bank. The loan accrues 3% interest every 3 months.
P=2000
r= 3%=0.03 and t= 4 years
interest every 3 months so n= 4
Answers
. The variable costs will be
$10.50
per book. The publisher will sell the finished product to bookstores at a price of
$25.25
per book. How many books must the publisher produce and sell so that the production costs will equal the money from sales?
Answers
so 10.5 per book
but -25.25 per book (since this is a negative cost or a gain)
so lets say they sell 1 book
it cost 10.5 and they gain 25.25 so they gain 14.75 total per book
so 14.75 times x books=60239
divide both sdies by 14.75
x=60239/14.75
then divide 60239 by 14.75 and get x=4084
they will need to sell 4084 books
the cost of the books = 60.239 + (10.50 X)
the sale amount = 25.25 * X
so 60.239 + 10.5 X = 25.25 X
60.239 = (25.25 - 10.5)X
60.239 = 14.75 X
X = 60.239 / 14.75
So X = 4.084
so the publisher needs to sell 4 books
b. how long does it take you to jog around the park? it takes you minutes to jog around the park.
Answers
Answer:
Part a) The system of equations is
Part b) The number of minutes it takes you to jog around the park is
Step-by-step explanation:
Part a) Write a system of linear equations
Let
x-----> the number of minutes it takes you to jog around your block
y---> the number of minutes it takes you to jog around the park
we know that
----> equation A
----> equation B
Part b) How long does it take you to jog around the park?
Multiply equation A by -1 both sides
------>
----> equation C
Adds equation B and equation C
Find the value of x
Final answer:
Write the information as a system of linear equations: 2x + y = 10 and 2x + 3y = 22. Solving these equations, we find that it takes 6 minutes to jog around the park.
Explanation:
Given the information provided in the question, we first need to represent the given information through a system of linear equations. Following the instructions in the question, let x represent the time in minutes to jog around the block, and y represent the time in minutes to jog around the park.
From the given problem, we know:
- 2x + y = 10
- 2x + 3y = 22
To find how long it takes you to jog around the park (the value of y), we can use the method of substitution or elimination. In this case, let's use the method of substitution: we can start by solving the first equation for 2x, giving us 2x = 10 - y.
Substituting that into the second equation gives us 10 - y + 3y = 22, simplifying which leads to 2y = 12, and further simplification yields y = 6. Therefore, it takes you 6 minutes to jog around the park.
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