Suppose that you borrow ​$11000 for 4 years at 6​% toward the purchase of a car. Find the monthly payments and the total interest for the loan.

Answers

Answer 1

Answer:

The monthly payments ≅ $258.335

The total interest of the loan ≅ $1400.095

Step-by-step explanation:

The rule of the monthly payments is

[tex]M.P=\frac{P(\frac{r}{n})}{1-(1+\frac{r}{n})^{-nt}}[/tex] , where

P is the initial amountr is the rate in decimaln is the period in a yeart is the number of years

∵ You borrow ​$11000

P = 11000

∵ It will be for 4 years

t = 4

∵ The rate is 6%

r = 6% = [tex]\frac{6}{100}[/tex] = 0.06

∵ It is a monthly payment

n = 12

→ Substitute these values in the rule above

∴ [tex]M.P=\frac{11000(\frac{0.06}{12})}{1-(1+\frac{0.06}{12})^{-12(4)}}[/tex]

→ Use your calculator to find the answer

∴ M.P = 258.3353195

The monthly payments ≅ $258.335

→ The total interest of the loan is the difference between the total

   of the monthly payments and the initial amount

The total interest of the loan = T.M.P - P

The total of the monthly payments = M.P × t × n

∴ The total of the monthly payments = 258.3353195 × 4 × 12

The total of the monthly payments = $12400.09534

∵ The initial amount P = $11000

∴ The total interest of the loan = 12400.09534 - 11000

∴ The total interest of the loan = 1400.095

The total interest of the loan ≅ $1400.095


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Step-by-step explanation:

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Answer:

-4x-6 = 3x-10

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Answer:

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Step-by-step explanation:

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Answers

Answer:

each person would getb3 dollars back

Step-by-step explanation:

since each friend pays $10 and there are 4 friends the total is 40 but now you have to do $40.00 minus $25.00 because of tax and gratuity so when you do that you get $15.00 now you have to do 15 ÷ 4 and that equals $3.75 and since you cant divide 75 coins to 4 people we dont add that but now you have your answer each friend gets $3.00

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Step-by-step explanation:

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Answer:

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Step-by-step explanation:

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Any arguments in the comment section

Answer:

Depends

Step-by-step explanation:

If you want better exclusives get a playstation.

UI the playstation UI is better because it is simple.

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Answers

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Answer:

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Step-by-step explanation:

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Have a good day.

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Answers

Answer:

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Step-by-step explanation:

Answer:

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Step-by-step explanation:

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Step-by-step explanation:

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Answers

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Answer:

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Step-by-step explanation:

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Answers

Answer:

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Step-by-step explanation:

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Answers

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Answers

Answer:

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Step-by-step explanation:

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Step-by-step explanation:

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Answers

A 33 pound bag of grass seed has = 2 pounds less than 5 smaller bags of seed

= 33 pounds = 2 pounds less than 5 smaller bags

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= x = 7 = weight of smaller bag of seed

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Answers

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Step-by-step explanation:

Leti has just received a $15.00 gift card to Late, Late, Coffee for her birthday. Leti buys a small coffee each day. The total cost of the coffee is $1.50 including tax. The relationship between the coffee that Leti buys and the gift card can be modeled by a linear function y=15-1.50x. What is the initial value and what does it represent in the context of this problem?

Answers

Answer:

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Step-by-step explanation:

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Answers

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Step-by-step explanation:

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Answers

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Answers

Answer:

Step-by-step explanation:

If one solution of a quadratic equation is a complex number (a + bi),

Other solution of the equation will be the conjugate of the first solution.

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Answers

Answer:

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Step-by-step explanation:

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Hope this Helps! :)

Have any questions? Ask below in the comments and I will try my best to answer.

-SGO

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Answers

Answer:

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Step-by-step explanation:

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Answers

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Your answer is correct

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Answers

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Step-by-step explanation:

Answer:

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Step-by-step explanation:

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Answers

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Step-by-step explanation:

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Answers

Answer:

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Step-by-step explanation:

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Answer:

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Step-by-step explanation:

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