Mathematics, 30.06.2019 18:30 kmh05

Suppose that you borrow $15,000 for five years at 8% toward the purchase of a car. find the monthly payments and the total interest for the loan. the monthly payment is? the total interest for the loan is?

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Answer from: cool8844

monthly payment: $304.15total interest: $3249.00

Step-by-step explanation:

Using the time-value-of-money functions on your calculator, you can find the monthly payment to be $304.15.

The calculator function requires several inputs. There are 12 payments per year for 5 years, for a total of 60 monthly payments. As the problem statement tells you, the present value is 15,000, the interest rate is 8%. You want the remaining amount due after 5 years (the future value) to be zero. There are 12 payments per year, and interest is compounded 12 times per year.

After finding the monthly payment, you can find the total amount repaid by multiplying it by 60 (the number of months). Then the interest paid is the difference between that ($18249.00) and the initial loan amount ($15,000.00).

... $18,249 -15,000 = $3,249.00

The attachment shows what these calculations look like on a TI-84 calculator.

Suppose that you borrow $15,000 for five years at 8% toward the purchase of a car. find the monthly

Answer from: Quest

step-by-step explanation:

hello and welcome!

so, when we see the words "proportional" along with a table, we need to know that we're looking numbers that divide by the same thing.

looking at this table, we simply have to do a trial and error, and divide to see which numbers have the same quotient. if you look at choice a & c, they both have equal quotients for three of the numbers, with one exception, so those can't be the answer. looking at b, there is no similarity, so that can't be it. then, we see d; if you divide all the numbers in the table, you'll see that they all divide by two, which is a proportional relationship, and our answer!

$4/2 = 2\\7/3.5=2\\8/4=2\\10/5=2$

also, always remember that the x will always be the number that goes into y, and somewhere behind this table, is a formula. for this specific table, the formula would be:

$y=\frac{x}{2}$

since our x-value is being divided by two to get the y-value. and if they were to ask for more numbers in the series, this is the formula you would use to find them.

Answer from: Quest

-2/

What is the slope of the line? 1) -5/2 2) -2/5 3) 2/5 4) 5/2

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Suppose that you borrow $15,000 for five years at 8% toward the purchase of a car. find the monthly...