Assume that you purchased a new car today and financed $55,000 of the price on a 72-month payment contract with a nominal rate of 6.00%. Further, assume that you plan on paying off the balance of the car loan after you make your 48th payment. How much will your loan balance be when you pay off the car?

Answers

Answer 1

Answer:

The amount that your loan balance will be when you pay off the car is $20,566.18.

Step-by-step explanation:

Step 1. Calculation of monthly payment

This can be calculated using the formula for calculating the present value of an ordinary annuity as follows:

PV = P * ((1 - (1 / (1 + r))^n) / r) …………………………………. (1)

Where;

PV = Present value or the cost of the new car = $55,000

P = Monthly payment = ?

r = Monthly nominal rate = Nominal rate / 12 = 6% / 12 = 0.06 / 12 = 0.005

n = number of months = 72

Substitute the values into equation (1) and solve for P, we have:

$55,000 = P * ((1 - (1 / (1 + 0.005))^72) / 0.005)

$55,000 = P * 60.3395139355201

P = $55,000 / 60.3395139355201 = $911.51

Step 2. Calculation of the loan amount balance when you pay off the car

This can be calculated using the ballon payment formula as follows:

P = (PV - (Ballon / (1 + r)^n)) * (r / (1 – (1 + r)^-n)) ...................... (1)

Where:

P = Monthly payment = $911.51

PV = Present value or the cost of the new car = $55,000

Ballon = Ballon payment or the loan amount balance when you pay off the car = ?

r = Monthly nominal rate = Nominal rate / 12 = 6% / 12 = 0.06 / 12 = 0.005

n = number months to pay off the loan amount balance = 48

Substituting the values into equation (1) and solve for Ballon, we have:

911.51 = (55,000 - (Ballon / (1 + 0.005)^48)) * (0.005 / (1 - (1 + 0.005)^-48))

911.51 = (55,000 - (Ballon / 1.27048916109538)) * 0.0234850290479363

911.51 / 0.0234850290479363 = 55,000 - (Ballon / 1.27048916109538)

38,812.39 = 55,000 - (Ballon / 1.27048916109538)

Ballon / 1.27048916109538 = 55,000 - 38,812.39

Ballon / 1.27048916109538 = 16,187.61

Ballon = 16,187.61 * 1.27048916109538

Ballon = $20,566.18

Therefore, the amount that your loan balance will be when you pay off the car is $20,566.18.


Related Questions

What is the equation of the line that is perpendicular to the line defined by the equation 2y = 3x + 1 and goes through the point (3, 2)?
options:
y = - 1/3 x + 3
y = -2/3x + 4
y = 1/3x – 1
y = 2x – 4
y = 6x + 5

Answers

Answer:

Step-by-step explanation:

In order to determine the perpendicular slope to the given line, we first need to determine the slope of the given line, which is not apparent in its current form. We need to solve the equation for y to determine the slope:

2y = 3x + 1 in slope-intercept form is

[tex]y=\frac{3}{2}x+\frac{1}{2}[/tex] .  Therefore, the perpendicular slope, the opposite reciprocal of the given slope of 3/2 is -2/3. Passing through the point (3, 2):

[tex]y-2=-\frac{2}{3}(x-3)[/tex] and

[tex]y-2=-\frac{2}{3}x+2[/tex]  so

[tex]y=-\frac{2}{3}x+4[/tex], the second choice down.

Defined the total variation distance to be a distance TV(P,Q) between two probability measures P and Q. However, we will also refer to the total variation distance between two random variables or between two pdfs or two pmfs, as in the following.

Compute TV(X,X+a) for any a∈(0,1), where X∼Ber(0.5).

TV(X,X+a) = ?

Answers

Answer:

1

Step-by-step explanation:

Computing Tv(X, X + a ) for any a∈(0,1)

Given that :  X∼Ber(0.5)

∴ The probability mass function

    P(X = 1 ) = 0.5

    P(X = 0) = ( 1 - 0.5 )

and expectation  E[X] = 0.5

hence ; TV ( X, X + a ) = 1

Can someone help with this

Answers

Answer: 28

Step-by-step explanation: ADB = 1/2 ACB

Estimate and classify the critical points for the graph of the function.

Answers

Answer:

Critical point is at (-1, 2) because it is the point where the slope is approximately zero.

Step-by-step explanation:

A critical point in a graph like this is simply the point where the slope is zero or undefined.

Looking at the graph given, the point at which the graph slope is zero is around the coordinate (-1, 2).

So we estimate that to be the critical point.

A class of 30 students ate 9 pizzas. How many pizzas would be needed for 40 students?

Answers

Answer:

12

Step-by-step explanation:

The ratio is 9:30

So for 40 people , it would be ?:40

Find the number that, when multiplies, by 30, equals 40. This is 1 1/3, or 1.3333... So multiply 9 by 1 1/3: 9 * 1 = 9, 1/3 * 9 = 3. ( + 3 = 12, so 12 pizzas

Answer:

12 i think

Step-by-step explanation:

What is the tens digit in the sum 7! + 8! + 9! + … + 2006!

Answers

You can get the tens digit of any number n by computing the quotient

(n (mod 100)) / 10

and ignoring the remainder.

Taking the given sum (mod 100) gives

7! + 8! + … + 2006! ≡ 7! + 8! + 9! (mod 100)

since the last 1997 terms (i.e. 10! up to 2006!) in the sum are multiples of 100. That is,

• every term beyond 100! is obviously a multiple of 100

• every term beyond 25! contains a factor of both 4 and 25

• every term beyond 10! contains two factors each of both 2 and 5 (i.e. every factorial term contains 4, 5, and 10)

The remaining sum is easy to compute by hand:

7! + 8! + 9! = 7! (1 + 8 + 8 × 9) = 5040 × 81 = 408,240

so the tens digit is 4.

Kin travels 180 miles by train at an average speed of 90 mph.
Ayaan flies the same distance at an average speed of 720 mph.
Find the difference between their travel times.
Give your answer in hours.

Answers

Answer:

1.75  hours

Step-by-step explanation:

time =  distance / speed

Kin

t = 180 / 90 = 2 hours

Ayaan

t = 180 / 720 = 0.25 hours

Difference

2 - 0.25 = 1.75  hours

Answer:

1.75

Step-by-step explanation:

Jestina has A apples, she gave 5 to her sister, enter an expression to represent the number of apples jestina has now!! (show work please!)

Answers

Answer: A-5

Step-by-step explanation:

Jestina has A apples

she gave 5 away

so she has 5 fewer apples than she had before

so A-5 is the amount of apples she has now

To finance the purchase of several new cars ,the Lincoln car rental agency borrowed $ 110 000 for 9 months at an annual interest rate of 5% . What is the simple interest due on the loan?​

Answers

Answer: 4125

Step-by-step explanation:

S.I = P X R /100 X T

S.I = 110000 x 5/100 x 9/12 = 4125

= 4125

Answer:

Jhhhuujjjjhfuudjdjdjdjdirr

Solve the system of equations by finding the reduced row-echelon form of the augmented matrix for the system of equations.
x + y - z = -2
2x - y + 3z = 9
x - 4y - 2z = 1

Answers

Answer:

x = 1 , y = - 1 , z = 2

Step-by-step explanation:

[tex]\begin{pmatrix}1&1&-1&-2\\ 2&-1&3&9\\ 1&-1&-2&1\end{pmatrix}\\\\\\= \begin{pmatrix}2&-1&3&9\\ 1&1&-1&-2\\ 1&-1&-2&1\end{pmatrix}[/tex]                          [tex][ \ swap \ R_1 \ and \ R_2 \ ][/tex]

[tex]=\begin{pmatrix}2&-1&3&9\\ 0&\frac{3}{2}&-\frac{5}{2}&-\frac{13}{2}\\ 1&-4&-2&1\end{pmatrix}[/tex]                        [tex][ \ R_2 = R_2 - \frac{1}{2} R_1 \ ][/tex]

[tex]=\begin{pmatrix}2&-1&3&9\\ 0&\frac{3}{2}&-\frac{5}{2}&-\frac{13}{2}\\ 0&-\frac{7}{2}&-\frac{7}{2}&-\frac{7}{2}\end{pmatrix}[/tex]                        [tex][ \ R_3 = R_3 - \frac{1}{2} R_1 \ ][/tex]

[tex]=\begin{pmatrix}2&-1&3&9\\ 0&-\frac{7}{2}&-\frac{7}{2}&-\frac{7}{2}\\ 0&\frac{3}{2}&-\frac{5}{2}&-\frac{13}{2}\end{pmatrix}[/tex]                      [tex][ \ swap \ R_2 \ and \ R_3 \ ][/tex]

[tex]=\begin{pmatrix}2&-1&3&9\\ 0&-\frac{7}{2}&-\frac{7}{2}&-\frac{7}{2}\\ 0&0&-4&-8\end{pmatrix}[/tex]                        [tex][ \ R_3 = R_3 + \frac{3}{7}R_2 \ ][/tex]

Therefore,

           [tex]-4z = - 8\\\\z = 2[/tex]

        [tex]-\frac{7}{2} y - \frac{7}{2}z = -\frac{7}{2}\\\\y + z = 1\\\\y + 2 = 1 \\\\y = 1 - 2 = - 1[/tex]

      [tex]2x - 1y + 3z = 9\\\\2x -1(-1) + 3(2) = 9\\\\2x + 1 + 6 = 9\\\\2x = 9 - 7\\\\2x = 2 \\\\x = 1[/tex]

What is the value of the expression 3m-4.2 If m equals 2.1

Answers

Answer:

2.1

Step-by-step explanation:

Given :

3m-4.2 where, m=2.1

Now,

3(2.1)-4.2

6.3-4.2

2.1

Answer is 2.1

Use Pythagorean Theorem to find each missing length
please help with the steps

Answers

The first answer is going to be 15.42 (so b) and the second is going to be 10.67 (so a)

Answer:

25 is A and 26 is B

Step-by-step explanation:

25) a²+b²=c²

missing side can be=b

to find the missing side subtract 6.7² from 12.6²

b²=12.6²-6.7²

b²=158.76-44.89

the square root of b²= the square root of 113.87

b=10.67

the missing side is equal to 10.7(1d.p)

26) a²+b²=c²

c= hypotenuse

10.8²+11²=c²

116.64+121=c²

c²=237.64

the square root of c²= the square root of 237.64

c=15.42(2d.p)

the hypotenuse is=15.4

The places that I have "the square root of" you must replace it with the square root sign. I'm using my phone so I wasn't sure how to insert a square root sign.

2) A block of ice weighs 12 400 kg. It has the shape of a cylinder, with a radius of 1.2 m and
a height of 3 m. What is the density of the ice? Give your answer to one decimal place.

Answers

Answer:

= 3.6

Step-by-step explanation:

Do you know how to find the volume of a cylinder? Like any prism, it's area of base x height, in this case the base is a circle of radius 1.2m.

Density is simply mass / volume (kg / m3 ).

clarify its 1.2 x 3 = 3.6

12400 / 3.6 = 3.444 occuring

If 20% of a length is 23cm ,whathat is the complete length

Answers

Step-by-step explanation:

20% of the length is 23 cm

100% of the length is 23×5 = 115 cm

23*(100/20)=115 cm
This is the answer
115*(20/100)=23 cm

Answer fast please and thanks!

Answers

Answer:

tan 30 = x / 15

General Formulas and Concepts:

Trigonometry

[Right Triangles Only] SOHCAHTOA[Right Triangles Only] tanθ = opposite over adjacent

Step-by-step explanation:

Step 1: Define

Identify variables

Angle θ = 30°

Opposite Leg = x

Adjacent Leg = 15

Step 2: Solve for x

Substitute in variables [tangent]:                                                                     tan 30 = x / 15

Answer:

3rd one

Step-by-step explanation:

Recall that

Sin = opposite over hypotenuse

Cos = adjacent over hypotenuse

Tan = opposite over adjacent

For the angle with a measure of 30 degrees we are given it's adjacent side length and need to find it's opposite side length

When dealing with opposite and adjacent we use tangent

If tan = opposite over adjacent

Then tan30 = x / 15 and the correct answer choice is the third one

Please help!! Will mark brainilest ☺️☺️

Answers

The answer to this problem is a

A rock group plans three concert tours over a period of 30 weeks. The tour in Britain will be twice as long as the tour in France and the tour in Germany will be 2 weeks shorter than the tour in France. How many weeks will they be in France?

Answers

Answer:

8 weeks

Step-by-step explanation:

Let x represent how many weeks they will be in France.

The tour in Britain can be represented by 2x, since it is twice as long as the one in France.

The tour in Germany can be represented by x - 2, since it is 2 weeks shorter.

Create an equation and solve for x:

(x) + (2x) + (x - 2) = 30

4x - 2 = 30

4x = 32

x = 8

So, they will be in France for 8 weeks

Which point represents the value of -(-2) on the number line?

Answers

Answer:

2

Step-by-step explanation:

-(-2)

negative x negative always give positive .

=>2

You can easily represent 2 on number line

How many solutions are there to the equation below?

4(x – 5) = 3x + 7

Answers

Answer:

one solution

Step-by-step explanation:

4(x - 5) = 3x + 7

4x - 20 = 3x + 7

4x - 3x = 7 + 20

x = 27

Answer:

1 solution

Step-by-step explanation:

x = 27

distribution of 4 into x and -5

4x-20 = 3x +7

-3x+20=-3x+20

x = 27

What is the volume of the following rectangular prism? (please help)

Answers

Answer:

?

Step-by-step explanation:

i think ljhh ako naiintindihan

Which congruence statement is correct?​

Answers

The answer is A hope it helps

a cylindrical barrel (drum) contains 42 gallons of oil. the diameter of this barrel is 18 inches

determine the radius of a barrel (drum) in centimetre.​

Answers

Answer: 1.345714286

Step-by-step explanation:

This is the full answer, if you want to round it up. Then your welcome to do so.

Bill notes that his apple tree is 45 the size of his pear tree. His apple tree is 4 meters tall. How tall is the pear tree?

Answers

Answer:

11.25 m

Step-by-step explanation:

45 divide by 4

because the Apple tree is 45 the size of pear tree

Answer: 5

Step-by-step explanation:

what is the answered


pp lssss answer

Answers

[tex]\boxed{ \underline{ \bf \: Categorical}} \sf \: data \: set \: is \: the \: data \: set \\ \sf \: that \: deals \: with \: only \: non \: numerical \: values.[/tex]

Optoion C. Categorial data set is the right answer of the question given.

RaonbowSalt2222

f(a)=|x-6|-|x+5|

evaluate

Answers

x=1/2
Alternative: 0.5 or 2^-1

Taking 0.5 cm as 1 unit, plot the following points on the graph paper: A(1,3), B (-3,-1), C (1,- 4), D (- 2,3), E (0-8), F (1.0)​

Answers

Answer:

It's letter c

Step-by-step explanation:

you have to × the 0.5 and 1

A geneticist conducts an experiment with peas, one sample of offspring consisted of 450 green peas and 157 yellow peas. Based on these results, estimate the probability of getting an offspring pea that is green.

Answers

Answer: 0.738

Step-by-step explanation:

11. Mendelian Genetics. When Mendel conducted his famous genetics experiments with peas, one sample of offspring consisted of 428 green peas and 152 yellow peas. Based on those results, estimate the probability of getting an offspring pea that is green. Is the result reasonably close to the value that was expected?

p0 = 428/(428 + 152) = 0.737931

If you round your answer of 0.737931 to three decimals you will

get 0.738.

which equation is the inverse of 5y+4=(×+3)^2+1/2?​

Answers

Answer:

The inverse is -3 ±sqrt(5x+7/2)

Step-by-step explanation:

5y+4=(x+3)^2+1/2?

To find the inverse, exchange x and y

5x+4=(y+3)^2+1/2​

Solve for y

Subtract 1/2

5x+4 -1/2=(y+3)^2+1/2​-1/2

5x+8/2 -1/2=(y+3)^2+1/2​-1/2

5x+7/2 = (y+3)^2​

Take the square root of each side

±sqrt(5x+7/2) =sqrt( (y+3)^2​)

±sqrt(5x+7/2) = (y+3)

Subtract 3 from each side​

-3 ±sqrt(5x+7/2) = y+3-3

-3 ±sqrt(5x+7/2) = y

The inverse is -3 ±sqrt(5x+7/2)

Can someone help me with this question please.

Answers

Answer:

40

Step-by-step explanation:

As the lawn size increases by 4 the weight increases by 8

Given that abcd ~Jklm. Find the value of x, y, and z​

Answers

Answer:

x = 7.2

y = 10

z = 6

Step-by-step explanation:

Since ABCD ~ JKLM, therefore, the ratio of their corresponding sides would be equal. Thus:

JK/AB = KL/BC = LM/CD = JM/AD

Substitute

12/x = y/6 = 15/9 = 10/z

✔️Find x:

12/x = 15/9

12/x = 5/3

Cross multiply

x*5 = 3*12

5x = 36

x = 36/5

x = 7.2

✔️Find y:

y/6 = 15/9

y/6 = 5/3

Cross multiply

y*3 = 5*6

3y = 30

y = 30/3

y = 10

✔️Find z:

15/9 = 10/z

5/3 = 10/z

Cross multiply

5*z = 10*3

5z = 30

z = 30/5

z = 6

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