Let S = the sophomores
Let R = the freshmen
Short Answer C
s + r = 1595 (1)
s + 15 = r (2)
Substitute for r from equation (2) into equation (1)
s + s + 15 = 1595 Combine like terms
2s + 15 = 1595 Subtract 15 from both sides
2s = 1595 - 15
2s = 1580 Divide by 2
s = 1580/2
s = 795 sophmores.
s + r = 1595
795 + r = 1595 Subtract 795 from both sides
r = 1594 - 795
r = 800 Freshmen
Answer C <<<<<<
Monthly payments, P = {R/12*A}/{1- (1+R/12)^-12n}
Where R = APR = 4.4% = 0.044, A = Amount borrowed = $60,000, n = Time the loan will be repaid
For 20 years, n = 20 years
P1 = {0.044/12*60000}/{1- (1+0.044/12)^-12*20} = $376.36
Total amount to be paid in 20 years, A1 = 376.36*20*12 = $90,326.30
For 3 years early, n = 17 year
P2 = {0.044/12*60,000}/{1-(1+0.044/12)^-12*17} = $418.22
Total amount to be paid in 17 years, A2 = 418.22*17*12 = $85,316.98
The saving when the loan is paid off 3 year early = A1-A2 = 90,326.30 - 85,316.98 = $5,009.32
Therefore, the approximate amount of savings is A. $4,516.32. This value is lower than the one calculated since the time of repaying the loan does not change. After 17 years, the borrower only clears the remaining amount of the principle amount.
Answer:
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Step-by-step explanation:
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