Explanation:
<u>Part 1</u>
The total monthly payment will remain level at the amount currently scheduled for Month 1. The revised totals are shown at the bottom of the attachment.
When Card C is fully paid, the same total payment will continue to be used until all card debts are paid.
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<u>Part 2</u>
The excess over the sum of minimum payments will be applied to Card C (24% rate). The minimum payment will continue to be made for the other credit cards. The revised Card C payments are shown at the bottom of the attachment.
When Card C is fully paid, the excess over the sum of minimum payments will be applied to Card B (20% rate).
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<em>Comment on the question</em>
You can't think too much about the given numbers. The minimum payment amounts given here decrease way faster than you would expect. For example, the $1.36 decrease in the minimum payment for Card A from Month 1 to Month 2 corresponds to a balance decrease of more than $90 when the interest rate is 1.5% per month. That is not possible if the payment is only $32.19.
Apparently, the question is not about the actual numbers. Rather, it is about the strategy of debt reduction. Some (bogus) numbers are given here just so you have something to think about.
The approach described in the problem statement has been given the name "debt avalanche" to distinguish the approach from Dave Ramsey's "debt snowball." The "debt snowball" approach pays off the <em>minimum balance</em> first, not the highest interest rate. It also includes some extra cash above the sum of minimum balances. ($100 is suggested; more is better.) The psychological effect of the quick win is considered to be more important than the extra cost of carrying the higher-rate debt for a longer period.
Answer:
(a) 0.7967
(b) 0.6826
(c) 0.3707
(d) 0.9525
(e) 0.1587
Step-by-step explanation:
The random variable <em>X</em> follows a Normal distribution with mean <em>μ</em> = 10 and variance <em>σ</em>² = 36.
(a)
Compute the value of P (X > 5) as follows:
Thus, the value of P (X > 5) is 0.7967.
(b)
Compute the value of P (4 < X < 16) as follows:
Thus, the value of P (4 < X < 16) is 0.6826.
(c)
Compute the value of P (X < 8) as follows:
Thus, the value of P (X < 8) is 0.3707.
(d)
Compute the value of P (X < 20) as follows:
Thus, the value of P (X < 20) is 0.9525.
(e)
Compute the value of P (X > 16) as follows:
Thus, the value of P (X > 16) is 0.1587.
**Use a <em>z</em>-table for the probabilities.
Answer:
c- shifted 3 units right and 4 units up
Step-by-step explanation:
In this problem, we have a quadrilateral named as ABCD. Recall that a quadrilateral is a two-dimensional shape having four sides. So, we need to identify what transformation has been performed to get A'B'C'D', which is the same quadrilateral shifted certain units right and up. So take one point, say, B, so how do we need to do to obtain point B'? well, we need to move that point 3 units right and 4 units up, but how can we know this? just count the number of squares you need to move from B to B' horizontally and vertically, which is in fact 3 units right and 4 units up.
Market value = $310,000
Since market value for tax purposes is 40% of the actual market value,
Market value for tax assessment = $310,000*40% = $124,000
Tax rate per $1000 of assessed valuation = $145.10 or 14.51% of the assessed value
Hence tax to be paid by leo = $124000*14.51% = $17992.40
Answer:
So that means length of the bike is approx 5.7 rulers.
Step-by-step explanation:
the question says to estimate how many 12-inch rulers will be about the same length as a bike. In other words we have to measure the length of bike by in terms of ruler like 3 ruler length or 5 rular length etc.
Type of bike is not mentioned so i'm going to use bicyle.
From internet I found that approx lenght of a bike ( bicycle) is = 68 inches.
Given that 1 ruler = 12 inches
So number of rulers that can fit into 68 inches can be found by dividing 68 by 12
68/12 = 5.7
