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2 years ago

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Niki makes the same payment every two months to pay off his $61,600 loan. The loan has an interest rate of 9.84%, compounded eve

ry two months. If Niki pays off his loan after exactly eleven years, how much interest will he have paid in total? Round all dollar values to the nearest cent.

2 answers:

mars1129 [50]2 years ago

6 0

After a series of calculations, I found out that the interest he has to pay in total would be <span>$117,484.77.

You might use my answer in reviewing by using your solution also.

I hope my answer has come to your help. God bless and have a nice day ahead!
</span>

MissTica2 years ago

6 0

Answer:

$39,695.48

Step-by-step explanation:

Here, the present value of the annuity is given.

Here, PV = $61,600

P is the periodic payment.

r = 9.84% or 0.0984

t = number of payments in a year = 6

n = 11 years

$61600= P(1-(1+0.0984/6)^{-(11\times6)})/ (0.0984/6)$

=> $61600\times0.0164 =P(1 - (1.0164)^{-66})$

=> $P =1010.24/0.658231$

= 1534.78

So, Niki is paying $1,534.78 at every two months interval for eleven years.

Hence, total payment made by Niki will be = $11\times6\times1534.78$ = $101295.48

So, interest paid = $101295.48-61600$ = $39,695.48

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A store sells 8 colors of balloons with at least 28 of each color. How many different combinations of 28 balloons can be chosen?

Len [333]

Answer:

(a) $Selection = 6724520$

(b) $At\ most\ 12 = 6553976$

(c) $At\ most\ 8 = 6066720$

(d) $At\ most\ 12\ red\ and\ at\ most\ 8\ blue = 5896638$

Step-by-step explanation:

Given

$Colors = 8$

$Balloons = 28$ --- at least

Solving (a): 28 combinations

From the question, we understand that; a combination of 28 is to be selected. Because the order is not important, we make use of combination.

Also, because repetition is allowed; different balloons of the same kind can be selected over and over again.

So:

$n => 28 + 8-1$ $= 35$

$r = 28$

$Selection = ^{35}^C_{28$

$Selection = \frac{35!}{(35 - 28)!28!}$

$Selection = \frac{35!}{7!28!}$

$Selection = \frac{35*34*33*32*31*30*29*28!}{7!28!}$

$Selection = \frac{35*34*33*32*31*30*29}{7!}$

$Selection = \frac{35*34*33*32*31*30*29}{7*6*5*4*3*2*1}$

$Selection = \frac{33891580800}{5040}$

$Selection = 6724520$

Solving (b): At most 12 red balloons

First, we calculate the ways of selecting at least 13 balloons

Out of the 28 balloons, there are 15 balloons remaining (i.e. 28 - 13)

So:

$n => 15 + 8 -1 = 22$

$r = 15$

Selection of at least 13 =

$At\ least\ 13 = ^{22}C_{15}$

$At\ least\ 13 = \frac{22!}{(22-15)!15!}$

$At\ least\ 13 = \frac{22!}{7!15!}$

$At\ least\ 13 = 170544$

Ways of selecting at most 12 =

$At\ most\ 12 = Total - At\ least\ 13$ --- Complement rule

$At\ most\ 12 = 6724520- 170544$

$At\ most\ 12 = 6553976$

Solving (c): At most 8 blue balloons

First, we calculate the ways of selecting at least 9 balloons

Out of the 28 balloons, there are 19 balloons remaining (i.e. 28 - 9)

So:

$n => 19+ 8 -1 = 26$

$r = 19$

Selection of at least 9 =

$At\ least\ 9 = ^{26}C_{19}$

$At\ least\ 9 = \frac{26!}{(26-19)!19!}$

$At\ least\ 9 = \frac{26!}{7!19!}$

$At\ least\ 9 = 657800$

Ways of selecting at most 8 =

$At\ most\ 8 = Total - At\ least\ 9$ --- Complement rule

$At\ most\ 8 = 6724520- 657800$

$At\ most\ 8 = 6066720$

Solving (d): 12 red and 8 blue balloons

First, we calculate the ways for selecting 13 red balloons and 9 blue balloons

Out of the 28 balloons, there are 6 balloons remaining (i.e. 28 - 13 - 9)

So:

$n =6+6-1 = 11$

$r = 6$

Selection =

$^{11}C_6 = \frac{11!}{(11-6)!6!}$

$^{11}C_6 = \frac{11!}{5!6!}$

$^{11}C_6 = 462$

Using inclusion/exclusion rule of two sets:

$Selection = At\ most\ 12 + At\ most\ 8 - (12\ red\ and\ 8\ blue)$

$Only\ 12\ red\ and\ only\ 8\ blue\ = 170544+ 657800- 462$

$Only\ 12\ red\ and\ only\ 8\ blue\ = 827882$

$At\ most\ 12\ red\ and\ at\ most\ 8\ blue = Total - Only\ 12\ red\ and\ only\ 8\ blue$

$At\ most\ 12\ red\ and\ at\ most\ 8\ blue = 6724520 - 827882$

$At\ most\ 12\ red\ and\ at\ most\ 8\ blue = 5896638$

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