A student committee of 4 is formed by randomly drawing people (without replacement) from a collection of 4 sophomores, 4 juniors and 3 seniors. What is the probability the committee thus formed will have at least one representative from all three groups of students?
Answers
Answer: 0.04848
Step-by-step explanation:
Given : There are 4 sophomores, 4 juniors and 3 seniors.
Total choices = 4+4+3 = 11
Number of people needed to be chosen for committee = 4
Number of ways to select 3 people out of 11 (without replacement)=
Number of ways to select at least one representative from all three groups of students =
Required probability =
Hence, the probability the committee thus formed will have at least one representative from all three groups of students = 0.04848
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Jim borrows $14,000 for a period of 4 years at 6 % simple interest. Determine the interest due on the loan. [4 marks
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(2,8)
x=2
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Answer:
Only one solution.
Step-by-step explanation:
y = 3x +2
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Answers
The 4-year loan at 7.5% APR seems to be the best choice as it strikes a balance between a reasonable monthly payment and minimizing the total interest paid.
To determine which loan option best meets your needs, you should consider both the monthly payment amount and the total cost of the loan. Here's how you can calculate and compare the three options:
1. 3-year loan at 7% APR:
- Monthly payment: $325
- Total payments over the loan term: $325 * 12 months/year * 3 years = $11,700
- Total interest paid: $11,700 - $15,000 = $3,300
2. 4-year loan at 7.5% APR:
- Monthly payment: $325
- Total payments over the loan term: $325 * 12 months/year * 4 years = $15,600
- Total interest paid: $15,600 - $15,000 = $600
3. 5-year loan at 8% APR:
- Monthly payment: $325
- Total payments over the loan term: $325 * 12 months/year * 5 years = $19,500
- Total interest paid: $19,500 - $15,000 = $4,500
Now, let's analyze the options:
- The 4-year loan at 7.5% APR has the highest monthly payment but the lowest total interest cost, making it the most cost-effective option. However, you should ensure that the higher monthly payment fits comfortably within your budget.
- The 3-year loan at 7% APR has a lower interest cost than the 5-year loan but a higher monthly payment. It's a good middle-ground choice if you can afford the monthly payments.
- The 5-year loan at 8% APR offers the lowest monthly payment but results in the highest total interest cost. It's the least cost-effective option, and you would end up paying significantly more over the loan term.
Ultimately, the 4-year loan at 7.5% APR seems to be the best choice as it strikes a balance between a reasonable monthly payment and minimizing the total interest paid. However, ensure that the monthly payment aligns with your financial situation before making a decision.
For more such questions on monthly payment:
#SPJ2
Answer:
the 5yr/ $270mth
Step-by-step explanation:
$15k × 8% = $1200 interest
$15k + $1200 = $16,200.00
$16500 ÷ 60months (5years) = $270/mth pymt