![lettytinocooxmq0y](/avatars/34669.jpg)
lettytinocooxmq0y
08.09.2019 •
Mathematics
Monty borrowed $10,500 and promises to make three equal payments, one in 6 months, one in 12 months, and one in 18 months. if money is worth 10% compounded quarterly, what is the size of the equal payments? use 18 months as the focal date.
Solved
Show answers
More tips
- A Animals and plants How to Properly Care for a Pet Decorative Rabbit at Home?...
- G Goods and services What Useful Foods Can You Buy at Supermarkets?...
- F Food and Cooking How to Determine Healthy, Nutritious Food for Yourself?...
- A Art and Culture The History and Characteristics of Jazz Bands: A Deep Dive...
- W Work and Career Can Skill Alone Make You a Professional?...
- F Family and Home Daughter says: If you don t want to do it, don t do it. Should we persuade her?...
- S Science and Technology How to Secure Exam Sessions: Silence Mobile Phones in the Classroom...
- C Computers and Internet Which Phone is Best for Internet Surfing?...
- P Philosophy Is Everything We Strive for Eventually Achieved and Destroyed?...
- S Society and Politics Understanding Politics and Its Role in the Development of Civilization...
Answers on questions: Mathematics
- M Mathematics I will give brainliest if u answer da question:how much is 1x1...
- M Mathematics 2.1, 3.5, 4.6, 5.8, 3.9, 4.2, 2.8...
- M Mathematics Subtract 8/9 - 1/3 5/6 5/9 7/9 7/12...
- B Business As the vp of warranty claims in the andrews company, you and your team regularly review your insurance broker emails as a procedure to guard against insurance fraud....
- H History What was Vietnamization?...
Ответ:
The money will be paid in three equal shares of $4056.48.
Step-by-step explanation:
This is a compound interest problem
Compound interest formula:
The compound interest formula is given by:
A: Amount of money(Balance)
P: Principal(Initial deposit)
r: interest rate(as a decimal value)
n: number of times that interest is compounded per unit t
t: time the money is invested or borrowed for
In our problem, we have
A: The amount of money that will have to be paid
P = $10,500(The initial money)
r = 0.1
n = 3(the money is compounded each 4 months, and there 12 months a year, so the money is compounded 3 times a year).
t = 1.5(18 months is a year and half)a year.
So:
$12,169.46 is the amount of money that Monty will have to pay. It will be paid in 3 equal shares of 12,169.46/3 = $4056.48.
Ответ:
true
may be!
I'm not sure