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mezya [45]
2 years ago
14

Chelsea made monthly payments for four years before her $13,440 loan was paid off. The loan had an interest rate of 5.86%, compo

unded monthly. Chelsea paid $156.60 in service charges. To the nearest tenth, what percentage of the total cost of the loan did her finance charges comprise? Round all dollar values to the nearest cent.
Mathematics
2 answers:
lana [24]2 years ago
6 0
Given:
PV = 13,440
i = 5.86% , compounded monthly
t = 4 years

13,440(0.0586/12))/(1-(1+0.0586/12)^-48= 15,109.44 
15,109.44 + 156.60 = 15,266.04
15,266.04 - 13,440.00 =  1,826.04 
<span>1,826.04/15,266.04 = 11.96 % Percentage total of Finance Charge of the total loa</span>
Colt1911 [192]2 years ago
4 0

Answer: 11.9%

Step-by-step explanation:

You might be interested in
A machine shop produces heavy duty high endurance 20-inch rods that are meant for use in a variety of military grade equipment.
QveST [7]

Answer:

The probability that a defective rod can be salvaged = 0.50

Step-by-step explanation:

Given that:

A machine shop produces heavy duty high endurance 20-inch rods

On occasion, the machine malfunctions and produces a groove or a chisel cut mark somewhere on the rod.

If such defective rods can be cut so that there is at least 15 consecutive inches without a groove.

Then; The defective rod can be salvaged if the groove lies on the rod between 0 and 5 inches i.e ( 20  - 15 )inches

Now:

P(X ≤ 5) = \dfrac{5}{20}

= 0.25

P(X ≥ 15) = \dfrac{5}{20}

= 0.25

The probability that a defective rod can be salvaged = P(X ≤ 5) + P(X ≥ 15)

= 0.25+0.25

 = 0.50

∴ The probability that a defective rod can be salvaged = 0.50

4 0
2 years ago
Suppose you roll a pair of honest dice. If you roll a total of 7 you win $22, if you roll a total of 11 you win $66, if you roll
JulijaS [17]

Answer:

The expected payoff for this game is -$1.22.

Step-by-step explanation:

It is given that a pair of honest dice is rolled.

Possible outcomes for a dice = 1,2,3,4,5,6

Two dices are rolled then the total number of outcomes = 6 × 6 = 36.

\{(1,1),(1,2),(1,3),(1,4),(1,5),(1,6),(2,1),(2,2),(2,3),(2,4),(2,5),(2,6),\\(3,1),(3,2),(3,3),(3,4),(3,5),(3,6),(4,1),(4,2),(4,3),(4,4),(4,5),(4,6),\\(5,1),(5,2),(5,3),(5,4),(5,5),(5,6),(6,1),(6,2),(6,3),(6,4),(6,5),(6,6)\}

The possible ways of getting a total of 7,

{ (1,6), (2,5), (3,4), (4,3), (5,2), (6,1) }

Number of favorable outcomes = 7

Formula for probability:

Probability=\frac{\text{Favorable outcomes}}{\text{Total outcomes}}

So, the possibility of getting a total of 7 = \frac{6}{36}=\frac{1}{6}

The possible ways of getting a total of 11,

{(5,6), (6,5)}

So, the probability of getting a total of 11 = \frac{2}{36} = \frac{1}{18}

Now, other possible rolls = 36 - 6 - 2 = 36 - 8 = 28,

So, the probability of getting the sum of numbers other than 7 or 11 = \frac{28}{36} = \frac{7}{9}

Since, for the sum of 7, $ 22 will earn, for the sum of 11, $ 66 will earn while for any other total loss is $11,

Hence, the expected value for this game is

\frac{1}{6}\times 22+\frac{1}{18}\times 66-\frac{7}{9}\times 11

\frac{11}{3}+\frac{11}{3}-\frac{77}{9}

\frac{22}{3}-\frac{77}{9}

\frac{66-77}{9}

-\frac{11}{9}

-1.22

Therefore the expected payoff for this game is -$1.22.

4 0
2 years ago
Mateo is draining a pool at a rate of 1/8 of a gallon every 1/2 hour. If he continues to drain the pool , how much waters will b
11Alexandr11 [23.1K]
If he drains 1/8 of a gallon in 1/2, the amount he will drain in one hour is twice as much as 1/8.

Mateo will drain 2/8 (simplified: 1/4) of a gallon in one hour.
8 0
2 years ago
Read 2 more answers
Alexa owns a total of 45 fiction and nonfiction books. If the number of fiction books is 15 more than 4 times the number of nonf
Vikentia [17]
What are the choices?
4 0
2 years ago
What equation can pair with x +2y=5 to create an inconsistent system a. 2x+4y=3 b.5x+2y=3 c.6x+12y=30 d.3x+4y=8
Aneli [31]

Answer: A

Hope this is helpful.

Step-by-step explanation:

Try to solve using simultaneous equations with each answer given.  

x + 2y = 5  

x = 5 - 2y  

Plug this into each equation  

A 2(5 - 2y) + 4y = 3  

10 - 4y + 4y = 3  

10 = 3 in consistent  

B 5(5 - 2y) + 2y = 3  

25 - 10 y + 2y = 3  

25 - 8y = 3  

8y = 22  

y = 2.75  

Using original equation solve for x  

5x + 2(2.75) = 3  

5x + 5.5 = 3  

5x = -2.5  

x = -0.5  

Using original equation,  

(-0.5) + 2 (2.75) = 5  

-0.5 + 5.5 = 5 consistent  

C 6x + 12y = 30  

6(5 - 2y) + 12y = 30  

30 - 12y + 12 y = 30 consistent for every value of y  

D 3(5 - 2y) + 4y = 8  

15 - 6y + 4y = 8  

- 2y = -7  

y = 3.5  

x = 5 - 2y  

x = 5 - 7  

x = -2  

Solving for x  

3(-2) + 4(3.5) = -6 + 14 = 8 consistent  

So A is the correct answer

4 0
2 years ago
Read 2 more answers
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