Mathematics: Find the amount paid for the loan. $2400 at 10.5% for 5 years $

Find the amount paid for the loan. $2400 at 10.5% - id240010511582820, loveyeti106838

Ответ:

skarimi740

31.03.2021

Mathematics

I think you mean the total mount paid for the loan.

There is a formula for that. (See attached).

principal = 2,400

n = number of payments = 5 * 12 months = 60

rate = 10.5 / 1,200 = .00875

Loan Cost Total = (r*p*n) / (1 - (1 +r)^-n)

Loan Cost Total = .00875 * 2,400 * 60 / (1 -(1.00875^-60)

Loan Cost Total = 1,260 / (1 - 0.5929077624 )

Loan Cost Total = 1,260 / 0.4070922376

Loan Cost Total = 3,095.12

Step-by-step explanation:

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Ответ:

jcross11nate

03.10.2021

Mathematics

$\longrightarrow{\green{A.\:5.5 \: n - \frac{1}{2} \: p - 2}}$ ✔

$\large\mathfrak{{\pmb{\underline{\red{Step-by-step\:explanation}}{\orange{:}}}}}$

$1 + 4.25 \: n + \frac{3}{2} \: p - 3 + ( - 2 \: p) + \frac{5}{4} \: n$

Combining like terms, we have

$= 4.25 \: n + \frac{5}{4} \: n + \frac{3}{2} \: p - 2 \: p + 1 - 3 \\ \\= 4.25 \: n + 1.25 \: n + 1.5 \: p - 2 \: p - 2 \\\\ = 5.5 \: n - 0.5 \: p - 2 \\ \\ = 5.5 \: n - \frac{1}{2} \: p - 2$

$\bold{ \green{ \star{ \orange{Mystique35}}}}⋆$

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Find the amount paid for the loan.

$2400 at 10.5% for 5 years

$

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