Listed price = $1.4 million
Down payment = 20% of $1.4 million = 0.2 x 1,400,000 = 280,000
Amount left to pay = $1.4 million - 280,000 = $1,120,000
Present value of an annuity is given by PV = P(1 - (1 + r/t)^-nt) / r
where: PV = $1,120,000
r = 5% = 0.05
t = 12
n = 30 years.
1,120,000 = P(1 - (1 + 0.05/12)^-(12 x 30)) / 0.05
1,120,000 x 0.05 = P(1 - (1 + 1/240)^-360)
56,000 = P(1 - 0.2238)
P = 56,000 / 0.7761 = 72,148.83
Therefore, the monthly payment is $72,148.83
We have been given an expression 
. We have been given steps how Chris tried to solve the given expression. We are asked to choose the correct option about Chris's work.
Let us simplify our given expression.
Using exponent property, 
, we cab rewrite our given expression as:
Now we will use exponent property 
to further simplify our expression.
Therefore, Chris made mistake in step 2.
To find 20% of 950 you would set it up as a proportion. When doing percentages the prevent is always out of 100 so the first step would be 20/100. You are trying to find a number out of 950 so the second part would be ?/950. Now you want to cross multiply and divide. 20*950=19,000 then you divide it by 100 (your other number) 19,000/100=190. So 20% of 950 is 190.
Answer:
Step-by-step explanation:
The formula for <u>exponential growth</u> is y = ab^x.
To write this equation, we know it has to start with 48 (which is the variable a). We need to add the rate of growth. This is 11/6 (which is variable b). But we also need to account for the "every 3.5 years" part, so divide the x as an exponent by 3.5.
N(t) = 48 * 11/6^(t/3.5)
This equation is easy to test, and it's a good idea to test it after you write it. For example, after 3.5 years we know that it should have 48*11/6 branches. Does our equation work? Yes.
∑ from 1 to infinity of 12(3/5)^(i - 1)
Since the common ratio is less than 1, the series is convegent. [i.e. 3/5 < 1]
Sum to infinity of a geometric series is given by a/(1 - r); where a is the first term, and r is the common ratio.
Sum = 12/(1 - 3/5) = 12/(2/5) = 30.
