Divide the APR by 360 days and multiply it by 30 days to get the monthly interest. Each loan is usually secured by the car you bought. So we will use the secured APR.
8. Average rating secured apr: 5.85% divide by 360 multiply by 30: 0.4875% monthly rate
Cost of car: 19,725 ; sales tax: 4.75% ; down payment: 2,175
19,725 x 1.0475 = 20,661.94 - 2,175 = 18,486.94 loan amount
18,486.94 x 0.4875% = 90.12 accrued interest for the 1st month.
9. Excellent rating secured apr: 4.80% divide by 360 multiply by 30: 0.40% monthly rate
Cost of car: 15,867 ; sales tax: 5.25% ; down payment: 10% of total cost
15,867 x 1.0525 = 16,700.02 x 90% = 15,030.02 the principal balance at the start of the loan.
10. Fair rating secured apr: 7% divide by 360 multiply by 30: 0.5833% monthly rate
Cost of new car: 19,072 ; sales tax: 4.5% ; down payment: 1,200
Cost of used car: 15,365; sales tax: 4.5% ; down payment: 1,200
19,072 x 1.045 = 19,930.24 - 1,200 = 18,730.24
18,730.24 x 0.5833% = 109.25 accrued interest
15,365 x 1.045 = 16,056.43 - 1,200 = 14,856.43
14,856.43 x 0.5833% = 86.66 accrued interest
109.25 - 86.66 = 22.59 is the difference in interest accrued by the end of the first month.
Answer:
n=2
Step-by-step explanation:
2000 pounds = 1 ton 600000 pounds = X tons Hence X tons = (600000 x 1) ÷ 2000 = 300 tons 3 x 10ⁿ = 300 Hence 3 x 10ⁿ = 3 x 10² Hence n= 2
%62.5 you divide the amount of males with the total amount of guests then you will get 0.625 so you put the comma two places behind and add a percentage.
9514 1404 393
Answer:
$3891.10
Step-by-step explanation:
This question is a bit unusual in that the interest is compounded annually, but payments and withdrawals are made monthly. The effective monthly rate is ...
1.05^(1/12) -1 = 0.407412378% = i
We assume that payments to the annuity are made at the end of the month, and that withdrawals are made at the beginning of the month. (The last payment and the first withdrawal are made on the same day.)
The amount of money required in the fund is ...
A = $4000(1 -(1.00407^-360))/(1 -1.00407^-1) = $757,712.88
The amount of money needed each month to be put into the fund is P, where ...
$757,712.88 = P(1 -1.00407)^(-12(60-28))/(1 -1.00407^-1) = 194.7297P
P = $757,712.88/194.7297 = $3891.10
Yejin needs to save $3891.10 each month to meet her retirement goal.
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<em>Sanity check</em>
Yejin wants payments for 30 years from the fund to which she has contributed for 32 years. The similarity of the time periods means that Yejin's monthly contribution will need to be very similar to the amount she plans to withdraw.
The only ways to reduce the required contribution are to earn a higher interest on deposits, or to adjust the relative time periods (retire later).
