Answer:
2.7%
Step-by-step explanation:
Since the probability of having and accident or exceed the deductible does not depend on the color of the car, the events are independent.
Recall that if two events A and B with probabilities P(A), P(B) of occurrence are independent, then
P(A ∩ B) = P(A)P(B)
There is a 300/1000 = 0.3 probability of choosing a random car. So, if the actuary randomly picks a claim from all claims that exceed the deductible,the probability that the claim is on a red car is
0.3*0.10*0.9 = 0.027 or 2.7%
Answer:
Step-by-step explanation:
The other factor is:
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
Answer: $ 4,515
Step-by-step explanation:
The cost of the car she wanted to buy = $35,550
Her savings = $20,700
That means she needs( $35,550 - $20,700) more in order for her to buy the car.
Amount borrowed from the finance company = $35,550 - $20,700
= $ 14,850
Since she now owes the financial company a total of $19,365, then the interest accrued by the loan she borrowed is given by:
$19,365 - $ 14,850
= $4,515
