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ameliaxbowen7
18.11.2019 •
Mathematics
Obtained a $3,200 installment loan for a marble floor in her foyer. the annual percentage rate is 9%. she must repay the loan in 24 months. find the (a) monthly using the formula, (b) total amount repaid, and (c) the finance charge
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Ответ:
a). The monthly payments= $158.41
b). Total amount repaid= $3,801.92
c). The finance charge= $601.92
Step-by-step explanation:
Step 1
The formula for calculating the total amount she will pay is as follows;
A=P(1+r)^n
where;
A=total amount repaid
P=principal loan
r=annual interest rates
n=number of years
In our case;
P=$3,200
r=9%=9/100=0.09
n=24/12=2 years
replacing;
A=3,200(1+0.09)^2
A=3,200(1.09)^2
A=3,801.92
a). monthly payments=Amount to be repaid/total number of months
where;
Amount to be repaid=3,801.92
total number of months=24
replacing;
monthly payments=3,801.92/24=158.41
The monthly payments= $158.41
b). Total amount repaid= $3,801.92
c). The finance charge=Interest
The formula for calculating interest is;
I={P(1+r)^n}-P
where;
P(1+r)^n= $3,801.92
P= $3,200
replacing;
I=(3,801.92-3,200)=601.92
The finance charge= $601.92
Ответ:
Step-by-step explanation:
where's the picture