You purchase a new car for $24,000. If you obtain a 5 year bank loan at 2.75% compounded monthly, what is your monthly loan payment?

Answers

Answer 1

Answer:

The monthly loan payment is of $458.88.

Step-by-step explanation:

Compound interest:

The compound interest formula is given by:

[tex]A(t) = P(1 + \frac{r}{n})^{nt}[/tex]

Where A(t) is the amount of money after t years, P is the principal(the initial sum of money), r is the interest rate(as a decimal value), n is the number of times that interest is compounded per year and t is the time in years for which the money is invested or borrowed.

Amount owed after 5 years:

Loan of 24000 means that [tex]P = 24000[/tex]

5 years means that [tex]t = 5[/tex]

Interest rate of 2.75% means that [tex]r = 0.0275[/tex]

Compounded monthly means that [tex]n = 12[/tex]

The amount is A(5). So

[tex]A(t) = P(1 + \frac{r}{n})^{nt}[/tex]

[tex]A(5) = 24000(1 + \frac{0.0275}{12})^{12*5}[/tex]

[tex]A(5) = 27533[/tex]

What is your monthly loan payment?

$27,533 in 5 years = 5*12 = 60 months. So

27533/60 = 458.88

The monthly loan payment is of $458.88.


Related Questions

The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $9 each and will sell 500 tickets. There is one $2,000 grand prize, three $300 second prizes, and eleven $40 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent.

Answers

Answer:

-$2.32

Step-by-step explanation:

Give that

The selling price per ticket is $9

And the number of tickets sold is 500

So,

There is one grand prize, three $300 second prize, and eleven $40 third prizes

We need to find out the expected value of the profit

[tex]= \frac{1}{500} \times 2000 + \frac{3}{500} \times 300 + \frac{11}{500} \times 40\\\\[/tex]

= 4 + 1.8 + 0.88

= 6.68

Now the expected profit is

= $6.68 - $9

= -$2.32

Pippa's bank account pays 2.5% compound interest per annum and her bank
balance is £3200. After 3 years, how much will Pippa's bank balance be?

Answers

Answer:

£3446.05

Step-by-step explanation:

the interest for the first year

=£3200×2.5%

=£3200×2.5/100

=£80

the balance

=£3200+£80

=£3280

the interest for the second year

=£3280×2.5%

=£3280×2.5/100

=£82

the balance

=£3280+£82

=£3362

the interest for the third year

=£3362×2.5%

=£3362×2.5/100

=£84.05

the balance

=£3362+£84.05

=£3446.05

Expand and simplify 3(C - 2d) - 2(2C - 3d).​

Answers

Answer:

-C

Step-by-step explanation:

3(C - 2d) - 2(2C - 3d).

Distribute

3C - 6d  - 4C +6d

Combine like terms

3C -4C  -6d +6d

-C

Answer:

-C

Step-by-step explanation:

3(C - 2d) - 2(2C - 3d) =

= 3C - 6d - 4C + 6d

= 3C - 4C - 6d + 6d

= -C

I need help with this problem but just for v
I need to know both it's component form and polar form and<-3,2> is wrong.​

Answers

9514 1404 393

Answer:

  v = <-5, 1> ≈ <5.09902, 168.69°>

Step-by-step explanation:

Vector u has its tail at the origin, so the coordinates of its head give you the components of the vector. To find the components of vector v, you can translate it so its tail is at the origin, or you can simply subtract the tail coordinates from the head coordinates.

  v = <1, -2> -<6, -3> = <1-6, -2-(-3)>

  v = <-5, 1>

As you know, the magnitude is the root of the sum of the squares of the components:

  |v| = √(5²+1²) = √26 ≈ 5.09902

The tangent of the angle is the ratio of y to x coordinates. When using the arctangent function, the quadrant needs to be taken into account.

  ∠v = arctan(1/-5) ≈ 168.69°

Vector v is ...

  v = <-5, 1> ≈ <5.09902, 168.69°>

HELPPP What is the percent of change from 0.36 to 1.19?

Answers

Answer:

330.555556%

Step-by-step explanation:

1.19/.36=3.3305555555555555555555555555

therefore it is 330.5555%

Does this horizontal line have a slope? Explain pls.
picture is included and if you answer there is 2 questions!

Answers

y=mc squared that’s the formula. yes

The smaller the sample, the less variability we will see. True or false

Answers

Answer: Hewo, there! your answer is Below

False would be my answer

Step-by-step explanation:

As the sample sizes increase, the variability of each sampling distribution decreases so that they become increasingly more leptokurtic. The range of the sampling distribution is smaller than the range of the original population.

Hope this helps you!!

Have a great day!!!

Check the pic please
With steps please

Answers

Answer:

Angle BOD = 75⁰

Step-by-step explanation:

Answer attached...

Hope it helps :)

HELP! WILL GIVE BRANLIEST!

Answers

Answer:

A cone

Step-by-step explanation:

It volume it 42.411

Which equation can be used to solve for x in the
following diagram?
(3x + 12)
Choose 1 answer:
3x + 12) + x = 180
(3x + 12) = x
3x = 180 + x
(3x + 12) + x = 90

Answers

3x+12+x=180. Bc we know that it’s an 180 degree angle just from the looks of it. Now 3x+12 is already in the equation we need plus x for the missing value. Which is not included in 3x+12 for the whole value.

The expression used to solve for x will be 3x + 12) + x = 180. The correct option is A.

What is the supplementary angle?

The angle is defined as the span between two intersecting lines or surfaces at or close to the point where they meet. The angles having the sum of 180 degrees will be called supplementary angles.

Given that there are two angles one is 3x + 12 and the other is x separated by the inclined line on the horizontal line.

From the supplementary angle property, the sum of the two angles is equal to 180 degree.

3x + 12 + x = 180

Therefore, the expression used to solve for x will be 3x + 12) + x = 180.

To know more about supplementary angles follow

https://brainly.com/question/12919120

#SPJ2

Let f(x) = 3x2 + 2 and g(x) = √x-4. What is the rule for the composition f ∘ g?

Answers

The answer is attached, couldn't post it for some reason

Answer:

hes right

Step-by-step explanation:

Please help me in this hurry

Answers

Answer:

450

Step-by-step explanation:

Area of the base: 1/2(5+7.5)(6)

1/2(75)= 37.5

Volume= Area of the base* height

37.5(12)= 450

anybody want points
1-10=

Answers

Answer:

-9

Step-by-step explanation:

There.

hope this helps

Answer:

-9

Step-by-step explanation:

thanks lol, you subtract 10 from one. but could you actually help with mine? A bag contains 2 yellow, 12 red, and 6 green marbles. What is the probability of selecting a red marble, not replacing it, then selecting another red marble

5.) Find the square root. *
25
49
Need help plz?

Answers

Answer:

5 and 7 because they are perfect squares

Answer:

Step-by-step explanation:

Take the square roots of the numerator and denominator separately.

helllllp againenehdhdhfhbdbdbfhdb​

Answers

Answer:

2

Step-by-step explanation:

Which of the following represents 2x - 5y + 15 = 0 written in slope-intercept form?
y=x-3
y=x+ 3
y=-x+3

Answers

r those the only options?
slope intercept form is y=mx+b
i got y = 2/5x + 3

Consider harmonic oscillators with mass m, spring constant k, and damping coefficient b. For the values specified,

a. write the second-order differential equation and the corresponding first-order system.
b. find the eigenvalues and eigenvectors of the linear system.
c. classify the oscillator (as underdamped, overdamped, critically damped, or undamped) and, when appropriate, give the natural period.
d. sketch the phase portrait of the associated linear system and include the solution curve for the given initial condition.

Answers

Answer:

a) attached below

b) Eigen values : λ1 = -1  and λ2 = - 1/2

  Eigenvector : V1 = - y1  and V2 = ( - 1/2 ) y2

c) since the Oscillator is > 0 hence  it is Overdamped

Step-by-step explanation:

Lets take  : m = 2 , k = 1 and b = 3

a) Second -order differential equation and the first order system

attached below

b) determine the eigenvalues and eigenvectors of the Linear system

Eigen values : λ1 = -1  and λ2 = - 1/2

Eigenvector : V1 = - y1  and V2 = ( - 1/2 ) y2

attached below is the detailed solution

c) The oscillator is classified as OVERDAMPED

To determine if the oscillator is damped, underdamped, or overdamped we will apply the relation below

 b^2 - 4km

 ( 3 )^2 - 4(1)(2)  = 1

since the Oscillator is > 0 hence it is Overdamped

d) Attached below is the phase portrait of the associated linear system

y(0) = 0

v(0) = 0

HELP! WILL GIVE BRANLIEST!!

Answers

Answer:this is quite hard as i cant see the cone but the one you have may be the answer i am not sure of this beacuse i cannot see the cone shape.

Step-by-step explanation:

Helpp with functions pleasee, identify the function

Answers

You are correct with table

This week Andres will practice with his band for 1 1\2 hours Monday, 1 3\4 hours on Tuesday, and 2 hours Wednesday. Next week Andre will practice with his band for the same number of hours on Monday Tuesday Wednesday. What was the total number of hours Andre will practice with his band over these 6 days?


A: 5 1/4 hours

B: 10 1/2 hours

C: 4 1/4 hours

D: 8 1/2 hours

Answers

Answer:

Step-by-step explanation:

Which of these is an example of a continuous random variable?

A. Number you roll on a die

B. Number of boys in a class

C. Number of heads when you flip a coin 5 times

D. Time of day that the sun sets

Answers

Answer:

D.Time of the day that the sun sets

Step-by-step explanation:

In general, quantities such as pressure, height, mass, weight, density, volume, temperature, and distance are examples of continuous random variables. ...

HAVE A GOOD DAY

D
the sun sets at different times yet the same time

A deck wraps around the back of a house. Find the area of the deck made up of rectangles.

Answers

Answer: Base and Height

Step-by-step explanation: You would multiply the base and height. Since it is not a triangle you wouldn't divide it by 2

0.3(3a-4)-0.05(8a)(-7a)

Answers

Answer:

2.8a²+0.9a - 1.2

Step-by-step explanation:

Given the expression 0.3(3a-4)-0.05(8a)(-7a)

Expand using the distributive law

0.3(3a-4)-0.05(8a)(-7a)

0.3(3a)-0.3(4)-0.05(8a)(-7a)

0.9a-1.2 - 0.05(8a)(-7a)

0.9a - 1.2 + 2.8a²

Rearrange

2.8a²+0.9a - 1.2

Hence the required expression is 2.8a²+0.9a - 1.2

Ryan is working on his first budget. Ryan's take home pay is $2,500 each month. Ryan spends $800, $450 on food, $125 on utilities, his car payment is $325 and he spends $125 on gas. What percent of his income does Ryan spend on transportation each month?

Answers

Answer: 25%

Step-by-step explanation: your welcome

Please help me with this ASAP

Answers

Answer:

34

Step-by-step explanation:

Every triangle = 180 so you add the angles you have 146. You take 180 and you subtract 146 and you get the answer.

which pair of words is the ODD one out. A. sister-brother, B. wife-husband, C. teacher-student or D. princess-prince
What is the answer​

Answers

Answer:

C. teacher-student

Step-by-step explanation:

the pattern is girl, boy, girl boy, and teacher and student don't have a gender connection

The chamber of commerce for a beach town asked a random sample of city-dwellers, "Would you like to live at the beach?” Based on this survey, the 95% confidence interval for the population proportion of city-dwellers who would like to live at the beach is (0.56, 0.62).


Based on this poll, a chamber of commerce member claims that more than half of city-dwellers would prefer to live at the beach.

Use the confidence interval to evaluate this claim and select the true statement.



Yes, it is reasonable to assume this because all reasonable values in the confidence interval are greater than 0.50.


We cannot determine this without taking a census of all city-dwellers.


No, it is not reasonable to assume this because another 95% confidence interval might not be entirely above 0.50.


No, it is not reasonable to assume this because there are only two choices and the proportion of city-dwellers who should prefer either is exactly 0.50, not more than 0.50.


ITS A!!!!

Answers

Answer:

Ummm... ya its a becasue 95 is more then 50 (brainlest plzzzzzzzzzzzzzz)

Step-by-step explanation:

Answer:

A.Yes, it is reasonable to assume this because all reasonable values in the confidence interval are greater than 0.50.

Step-by-step explanation:

Four friends share 3 sheets olenstruction paper equall. What fraction ola sheet of paper does each friend gei?​

Answers

Answer:

0.75 .......................

Please help fast pls pls

Answers

Answer:

-4, 4

Step-by-step explanation:

Answer:

x = 4, -4

16 = x^2

16 = 4^2

4*4*4*4=16

Step-by-step explanation:

Have a nice day!

and can I maybe have brainliest? Thanks!

express 242 as a product of prime factors if you send a link or photo I will report your answer​

Answers

Answer:

2x11^2

Step-by-step explanation:

that is the only one

no link

no photo

just an simple answer

have a great day/night

:)

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