Step-by-step explanation:
students did 30 years ago? 1) True 2) False
Answer:
C. $144,200
Step-by-step explanation:
We have been given that a borrower's monthly interest payment on an interest-only loan at an annual interest rate of 7.3% is $877.
To find the loan amount, we will use simple interest formula.
, where,
I = Amount of interest,
P = Principal amount,
r = Annual interest rate in decimal form,
t = Time in years.
One month will be equal to 1/12 year.
Upon substituting our given values in simple interest formula, we will get:
Upon rounding to nearest hundred, we will get:
Therefore, the loan amount was $144,200 and option C is the correct choice.
To solve for y in the equation 1.2x - 4y = 28, subtract 1.2x from both sides, divide both sides by -4, and simplify to get the solution y = -7 + 0.3x.
To solve the equation 1.2x - 4y = 28 for y, we need to isolate the y variable on one side of the equation.
Step 1: Subtract 1.2x from both sides.
Step 2: Divide both sides by -4.
Step 3: Simplify.
Step 4: The solution for y is -7 + 0.3x.
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Answer:
alright
Step-by-step explanation: