![Giovanni0312](/avatars/30237.jpg)
Giovanni0312
21.02.2020 •
Mathematics
Suppose that you have just graduated with $30,000 in student loan debt, at 9% annual interest, compounded monthly. You must make a payment at the end of each month, and willbe finished paying off the loan at the end of 10 years.a. How much is each payment?
b. How much money, in total, will you end up paying by the time you have paid off the loan?
c. How much of what you will end up paying is interest?
d. [Just to think about, not to hand in: How painful is the answer to part c of this question?]
Solved
Show answers
More tips
- C Computers and Internet iPhone SMS Delivery Report: How to Set It Up...
- C Computers and Internet How to Learn to Type Fast?...
- A Art and Culture Who Said The Less We Love a Woman, the More She Likes Us ?...
- F Family and Home Parents or Environment: Who Has the Most Influence on a Child s Upbringing?...
- H Health and Medicine Is it true that working with a computer is harmful to your eyesight?...
- H Health and Medicine Boosting Immunity: A Complete Guide on How to Improve Your Body’s Natural Defenses...
- P Philosophy Unidentified Flying Object - What is the Nature of this Phenomenon?...
- C Computers and Internet How to Teach Older Generations to Work with Computers?...
- G Goods and services How to Choose a Coffee Maker? The Ultimate Guide for Coffee Lovers...
- C Computers and Internet Porn Banner: What It Is and How to Get Rid Of It?...
Answers on questions: Mathematics
- M Mathematics Ms. Johnson has 8 children in her preschool class. She would like to give each student an equal number of chocolates. If each child got 18 chocolates, how many did...
- M Mathematics Had n=2 n²-n-2 n² – 5n+6...
- H History The patriot commander in western territories was...
- E English 11 Select all the correct answers, from Some Rights of Children as Persons in School Education by Charlotte Mason Personal Initiative in Work Which two arguments...
- M Mathematics (z + 3) + 1 + 3 - y; use x = 6, y=-5, and z=2...
Ответ:
Step-by-step explanation:
Principal amount = 30,000
I = 9% is compounded monthly ⇒ 0.09/12 = 0.0075
n= 10 years ⇒ 10* 12 = 120 periods
Formula for decreasing annuity payments is R =[ I/[1 - (1+I)^(-n)]] * P
R = 0.0075/[1 - 1.0075^(-120)] * 30,000 = $380, amount of each payment
Total amount paid is = 380*12*10 = 45600
Interest paid = Total amount - loan amount = 45600 - 30000 = 15600
Ответ:
Unit rate - a type of ratio that always has 1
Ex: 3:1, 84:1
Ratio - a way to show a relationship or compare two numbers
Ex: 1:5, 7:9, 6 to 5
Integer - a whole number; not a fraction
Ex: 65, 7, 29
Hope this helps!!