Ciana wants to take out a $7,500 loan with a 5.3% APR. She can afford to pay
Question:
a. What should be the length of her loan? Round to the nearest tenth of a year.
b. What would an increase of $20 to the monthly payment have do to the length of her loan?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (18 reviews)
a Use the loan length formula and substitute 7500 for p 0...View the full answer
Answered By
Joseph Ogoma
I have been working as a tutor for the last five years. I always help students to learn and understand concepts that appears challenging to them. I am always available 24/7 and I am a flexible person with the ability to handle a wide range of subjects.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Financial Algebra advanced algebra with financial applications
ISBN: 978-0538449670
1st edition
Authors: Robert K. Gerver
Question Posted:
Students also viewed these Linear Algebra questions
-
Louis wants to take out a $14,000 loan with a 6.8% APR. He can afford to pay no more than $400 per month for loan payments. What would be the length of his loan? Round to the nearest tenth of a year.
-
Use your answer and the loan information from Exercise 8 to determine what effect a $50 decrease in Louis' monthly payment would have on the length of his loan. In exercise 8 Louis wants to take out...
-
Bill can afford a monthly payment of $475. He wants to take out a $20,000 loan at 7% interest rate. What should the length of the loan be? Round your answer to the nearest year.
-
A random walk in an undirected connected graph moves from a vertex to one of its neighbors, where each possibility has equal probability of being chosen. (This process is the random surfer analog for...
-
Refer to Exercise 12- 18. In Exercise 12- 18, Ramiro & Sons buys T-shirts in bulk, applies its own trendsetting silk-screen designs, and then sells the T-shirts to a number of retailers. Ramiro wants...
-
Why is it necessary to define precisely the population to be sampled?
-
Lester Corporation has 30,000 shares of \(\$ 1\) par value common stock outstanding. The company has \(\$ 250,000\) of retained earnings. At year-end, the company declares a cash dividend of \(\$...
-
IT, Inc., has adopted the balanced scorecard approach to motivate the managers of its product divisions to work toward the companywide goal of leading its industry in innovation. The corporations...
-
The Telecommunications Act of 1 9 9 6 was important because it ended the federal government s licensing of radio and television stations. established the fairness doctrine. allowed for less...
-
Consider the following optical cavity in the configuration of two converging mirrors with radii of curvature R = 1 m sequestrated by d = 0.5 m. a. By drawing the until cell starting at the middle M,...
-
The table lists the balances at the end of each year for a 15-year, $50,000 loan with an 8% interest rate. a. Construct a scatterplot using the data points (year, loan balance). b. Write a linear...
-
Use the credit card statement and a blank credit card calendar. a. What is the total of all of the purchases made this billing cycle? b. What is the amount of total payments? c. What is sum of the...
-
A contract calls for annual payments of $1,200. Find the present value of the contract, assuming that (1) The number of payments is 7 and the current interest rate is 6 percent: (2) The number of...
-
A student used 1.50 mL of methyl salicylate (density = 1.17 g/mL) in the synthesis of salicylic acid. The reaction yielded 1.25 g of crude salicylic acid. After recrystallization, the student...
-
1. Discuss the potential explanations for this finding: why are outpatient care expenditures more responsive to co-insurance rate than inpatient care expenditures? In other words, why is insurance...
-
Economics Suppose the weekly demand at each regional distribution center (RDC) is normally distributed with a mean =117 and standard deviation =23. The company is considering to replace the RDCs with...
-
They should make a presentation only in PowerPoint with the following topics: (must upload the presentation by Sunday, April 09th) Make a brief description of the project (Scope) and Non-scope 2....
-
1) Do you like working in teams? Why or why not? Use examples if you have worked in teams before. 2) How do you make decisions in the workplace? Explain in detail. 3) What does Power mean to you in...
-
Use a calculator to determine whether the given equations are identities. cos 3 x csc 3 x tan 3 x = csc 2 x cot 2 x
-
Planning: Creating an Audience Profile; Collaboration: Team Projects. Compare the Facebook pages of three companies in the same industry. Analyze the content on all available tabs. What can you...
-
Write an equation for the line that passes through (-5, 4), and (3, -2).
-
Determine whether the lines are parallel, perpendicular, or neither. 2x + 3y = -12, 2y - 3x = 8
-
Matt is remodeling the front entrance to his home and needs to cut an arch for the top of an entranceway. The arch needs to be 8 ft wide and 2 ft high. To draw the arch, he will use a stretched...
-
A farmer is concerned that a change in fertilizer to an organic variant might change his crop yield. A slight change in crop yield could have large implications on the profitability of his farm...
-
Question 60 (1 point) Do the pairings in the following chart to indicate the per acre value for the subject? Sale No. Subject A B C D Price/Ac $1,800 $1,600 $2,100 $1,700 Location Paved Dirt Dirt...
-
n the data set below, what is the mean (mc027-1.jpg)? X f 5 4 4 2 3 1 2 1 1 2 Question 29Answer a. 4 b. 3.5 c. 3 d. 2.5
Study smarter with the SolutionInn App