answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
marta [7]
2 years ago
15

Olivia has taken out a $13,100 unsubsidized Stafford loan to pay for her college education. She plans to graduate in four years.

The loan has a duration of ten years and an interest rate of 7.6%, compounded monthly. By the time Olivia graduates, how much greater will the amount of interest capitalized be than the minimum amount that Olivia could pay to prevent interest capitalization? Round all dollar values to the nearest cent.
a. $654.45
b. $477.27
c. $995.60
d. $354.22
Mathematics
1 answer:
Mumz [18]2 years ago
6 0

If Olivia wants to prevent interest capitalization, she must pay the accrued interest each month. That amount is

... I = Prt = $13,100×0.076×(1/12) = $82.97

Over 4 years (48 months), these payments total $82.97×48 = $3982.56.

_____

If no payments are made, the loan balance grows by the multiplier (1 +r/12) each month. Then the amount of interest that will be capitalized at the end of 48 months is ...

... $13,100×((1 +0.076/12)^48 -1) = $4637.01

The difference in these amounts is ...

... $4637.01 -3982.56 = $654.45 . . . . . matches selection a.

You might be interested in
Mustafa, Heloise, and Gia have written more than a combined total of 2222 22 articles for the school newspaper. Heloise has writ
Papessa [141]

Answer: m>8

Mustafa could have written more than 8 articles for the newspaper.

Step-by-step explanation:

Given: Heloise has written 1/4 as many articles as Mustafa has. Gia has written 3/2 as many articles as Mustafa has.

Let m be the number of articles Mustafa writes.

Then articles written by Heloise=\frac{1}{4}m

And articles written by Gia=\frac{3}{2}m

The total number of articles =m+\frac{1}{4}m+\frac{3}{2}m=\frac{4m+m+6m}{4}=\frac{11m}{4}

Mustafa, Heloise, and Gia have written more than a combined total of 22 articles for the school newspaper.

\frac{11m}{4}>22\\\Rightarrow\ m>\frac{22\times4}{11}\\\Rightarrow\ m>8

Hence, Mustafa could have written more than 8 articles for the newspaper.

3 0
2 years ago
Read 2 more answers
There are 5 cards with a picture of a rose and 1 card with a picture of a daisy. Olga keeps all the cards face down on the table
HACTEHA [7]

The correct answer is 4 over 5

4 0
2 years ago
The weights of five grapefruits are 7.47 ounces, 7.23 ounces, 6.46 ounces, 7.48 ounces, and 6.81 ounces. Using the clustering es
Nikitich [7]

Answer: The approximate total weight of the grapefruits, using the clustering estimation technique is B. 35 ounces.

8 0
2 years ago
Read 2 more answers
Find the length of one side of a regular hexagon whose perimeter is 75 feet.
PIT_PIT [208]

Given that the perimeter of a regular hexagon is 75 feet, determine the length of one side.

Given:

Perimeter : 75 ft.

Find:

Side Length:

Work:

Hexagon = 6 six sides

Divide perimeter by amount of sides (6).

75/6 = 12.5

1 side = 12.5 ft

Thus, the length of side on the hexagon is 12.5ft or 12 and 1/2 feet.

6 0
2 years ago
4.52 Random variables X and Y follow a joint distribution f(x, y) = 2, 0 < x ≤ y < 1, 0, otherwise. Determine the correlat
VMariaS [17]

First, you'll need to find the marginal distributions of X,Y. By the law of total probability,

P(X=x)=\displaystyle\sum_yP(X=x)P(Y=y)

which translates to

f_X(x)=\displaystyle\int_x^1f_{X,Y}(x,y)\,\mathrm dy=\begin{cases}2(1-x)&\text{for }0

Similarly,

f_Y(y)=\displaystyle\int_0^yf_{X,Y}(x,y)\,\mathrm dx=\begin{cases}2y&\text{for }0

Compute the expectations for both random variables:

E[X]=\displaystyle\int_{-\infty}^\infty x\,f_X(x)\,\mathrm dx=\int_0^12x(1-x)\,\mathrm dx=\frac13

E[Y]=\displaystyle\int_{-\infty}^\infty y\,f_Y(y)\,\mathrm dy=\int_0^12y^2\,\mathrm dy=\frac23

Compute the variances and thus standard deviations:

V[X]=E[(X-E[X])^2]=E[X^2]-E[X]^2

where

E[X^2]=\displaystyle\int_{-\infty}^\infty x^2\,f_X(x)\,\mathrm dx=\int_0^12x^2(1-x)\,\mathrm dx=\frac16

\implies V[X]=\dfrac16-\left(\dfrac13\right)^2=\dfrac1{18}\implies\sqrt{V[X]}=\dfrac1{3\sqrt2}

E[Y^2]=\displaystyle\int_{\infty}^\infty y^2f_Y(y)\,\mathrm dy=\int_0^12y^3\,\mathrm dy=\frac12

\implies V[Y]=\dfrac12-\left(\dfrac23\right)^2=\dfrac1{18}\implies\sqrt{V[Y]}=\dfrac1{3\sqrt2}

Compute the covariance:

\operatorname{Cov}[X,Y]=E[(X-E[X])(Y-E[Y])]=E[XY]-E[X]E[Y]

We have

E[XY]=\displaystyle\int_{-\infty}^\infty\int_{-\infty}^\infty xy\,f_{X,Y}(x,y)\,\mathrm dx\,\mathrm dy=\int_0^1\int_0^y2xy\,\mathrm dx\,\mathrm dy=\frac14

and so

\operatorname{Cov}[X,Y]=\dfrac14-\dfrac13\dfrac23=\dfrac1{36}

Finally, the correlation:

\operatorname{Corr}[X,Y]=\dfrac{\operatorname{Cov}[X,Y]}{\sqrt{V[X]}\sqrt{V[Y]}}=\dfrac{\frac1{36}}{\left(\frac1{3\sqrt2}\right)^2}=\dfrac12

3 0
2 years ago
Other questions:
  • 105,159 rounded to the nearest ten thousand
    7·2 answers
  • A share of stock in the Lofty Cheese Company is quoted at 25 1/4. Suppose you hold 30 shares of that stock, which you bought at
    10·1 answer
  • A random group of high school and college students were asked if they study with or without listening to music. The frequency ta
    15·2 answers
  • You just found a positive trend line showing a strong relationship between homework scores and test scores for five students. Ex
    5·2 answers
  • The loudness, L, measured in decibels (Db), of a sound intensity, I, measured in watts per square meter, is defined as L = 10 lo
    5·2 answers
  • Kenny wants to take his dog to an obedience school. At sit and stay school, 12 lessons cost $96. At canine community center,25 l
    13·1 answer
  • Which expression is equivalent to StartFraction RootIndex 7 StartRoot x squared EndRoot Over RootIndex 5 StartRoot y cubed EndRo
    9·2 answers
  • If I mix 5 gallons of p% boric acid with 5 gallons of water, what is the concentration of the mixture?
    9·1 answer
  • Jeanette really loves apple-flavored Fruity Tooty candies, but there always seems to be a lot of cherry-flavored candies in each
    12·2 answers
  • The Hawaii Visitors Bureau collects data on visitors to Hawaii. The following questions were among 16 asked in a questionnaire h
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!