mikeydog3781
28.07.2021 •
Mathematics
What is the equation of the following graph in vertex form?
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Ответ:
A
Step-by-step explanation:
Ответ:
Option C - 48 months
Step-by-step explanation:
Given : The loan is for $9,000 and comes with an interest rate of 9.5% compounded monthly. The couple wants to pay the loan off as quickly as possible, keeping the monthly payments below $250. The lender offers repayment plans in 12 month increments.
To find : How long of a loan should they request?
Solution :
Formula of monthly payment
Monthly payment,
Discount factor
Where, Amount (P)= $9,000
Rate r= 9.5%=0.095 compounded monthly
Time = n (to find)
Monthly payment = (below)$250
Now, put all the values we get,
Using Wolfram calculator
n ≈ 42.54
or n= 43 months
Which means at the monthly payment of $250 they took approx 43 months
And they pay monthly payment below $250 then they take more than 43 months to pay of loan.
So, the nearest result is 48 months
Therefore, They took 48 months to pay off the loan.
Option c is correct.