Tamora just made the last of her monthly payments on her loan. She had been making these payments for the past nine years. The loan had a principal of $10,675 and an interest rate of 4.75%, compounded monthly. In addition, Tamora paid $939.25 in service charges. What was Tamora’s total finance charge? Round all dollar values to the nearest cent.a.
$939.25
b.
$11,614.25
c.
$3,403.53
d.
$2,464.28
Answers
Detailed Solution:
principal was 10,675
interest rate was 4.75% per year compounded annually.
additional $939.25 was paid in service charges.
payment on the principal plus interest is shown below:
pv = 10675
i = .0475/12 = .0039583333... per month.
n = 9 * 12 = 108 months.
fv = 0
pmt = 121.6635... per month
total finance charge would be (108 * 121.6635... + 939.25 - 10675).
that equals to 13139.66 + 939.25 - 10675 = 3403.91
interest rate = 4.75% per year compounded monthly.
additional $939.25 was paid in service charges.
Annuity Payment PV
10,675 * (4.75%/12) ÷ [1 - (1+ 4.75%/12)^-12*9]
10,675 * 0.00396 ÷ [1 - (1.00396)^-108]
42.273 ÷ (1 - 0.655)
42.273 ÷ 0.345 = 122.53
122.53 * 108 = 13,233.24 interest and principal
13,233.24 + 939.25 - 10,675 = 3,497.49
The answer is closer to Choice C. The minimal difference in amount is due to the rounding off of decimal places.
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Answers
9514 1404 393
Answer:
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Answers
we know that
the graphed below represent the inequality
ages less than and ages greater than or equal to
the inequality is
the solution is the interval--------->
therefore
the answer is
Answers
The set of integers contains whole numbers and their opposites. In other words, integers are set of numbers which contains the positive whole numbers, the negative whole numbers (i.e. opposite of the positive whole numbers), and zero. Integers do not contain fractions and decimals.
The set of integers contains whole numbers and their opposites
How to complete the blank
From the question, we have the following parameters that can be used in our computation:
The statement
By definition, integers are set of numbers which contains the positive whole numbers, the negative whole numbers (i.e. opposite of the positive whole numbers), and zero.
Also, integers do not contain fractions and decimals
This means that the set of integers contains whole numbers and their opposites.
Read more about integers at
#SPJ6
Answers
Answer:
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Step-by-step explanation: