In order to make some home improvements, a home owner spent $24,000. He paid 18% as a down payment and financed the balance of the purchase with a 36-month fixed installment loan with an APR of 4.5%. Determine the home owner's total finance charge and monthly payment
% Financed = 100% - 18% = 82%.
Amt. Financed = $24,000 * 0.82 = $19,680.
Pt = Po*r*t / (1 - (1+r)^-t).
r = 4.5% / 12 = 0.375% = 0.00375 = Monthly % rate expressed as a decimal.
Pt=(19680*0.00375*36)/(1-(1.00375)^-36,
Pt=2656.80 / 0.126063452 = $21,075.10.
Int.=Pt - Po=21075.10 - 19680=$1395.10
Monthly Payments=21,075.10 / 36 = $585.42.
Mrs biftu has been working in university as network administrator for four years last year biftu received a 4% raise which brought her current weekly pay to 9000ETB biftu is scheduled to receive a 3% raise next week she wants you to write an algorithm that will display the amount of her new weekly pay.
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The price of a home is $102,000. The bank requires a 20% down payment and three points at the time of closing. The cost of the home is financed with a 30-year fixed-rate mortgage at 9.5%.
In order to make some home
improvements, a homeowner had to borrow
$20,400. He financed the amount of the
purchase with a 36-month fixed loan with an
APR of 4.5%. Determine the homeowner’s
monthly payment.
A. $537.94
B. $567.06
C. $606.84
D. $6,851.06
In order to make some home
improvements, a homeowner had to borrow
$20,400. He financed the amount of the
purchase with a 36-month fixed loan with an
APR of 4.5%. Determine the homeowner’s
monthly payment.
A. $537.94
B. $567.06
C. $606.84
D. $6,851.06
To find the monthly payment, we can use the formula:
Monthly Payment = [P x r x (1+r)^n] / [(1+r)^n - 1]
where P is the principal amount, r is the monthly interest rate, and n is the total number of payments.
First, let's find the monthly interest rate:
r = APR / 12 = 4.5% / 12 = 0.375%
Next, let's determine the total number of payments:
n = 36 months
Now, we can plug in the values and solve for the monthly payment:
Monthly Payment = [20400 x 0.00375 x (1+0.00375)^36] / [(1+0.00375)^36 - 1] = $606.84
Therefore, the homeowner's monthly payment is $606.84, which is option C.
In order to make some home
improvements, a homeowner had to borrow
$20,400. He financed the amount of the
purchase with a 36-month fixed loan with an
APR of 4.5%. Determine the homeowner’s
monthly payment.
A. $537.94
B. $567.06
C. $606.84
D. $6,851.06
To find the monthly payment, we can use the formula:
Monthly Payment = [P x r x (1+r)^n] / [(1+r)^n - 1]
where P is the principal amount, r is the monthly interest rate, and n is the total number of payments.
First, let's find the monthly interest rate:
r = APR / 12 = 4.5% / 12 = 0.375%
Next, let's determine the total number of payments:
n = 36 months
Now, we can plug in the values and solve for the monthly payment:
Monthly Payment = [20400 x 0.00375 x (1+0.00375)^36] / [(1+0.00375)^36 - 1] = $606.84
Therefore, the homeowner's monthly payment is $606.84, which is option C.
You financed a $10,532 car at a 13.4%
interest rate. You need to have it completely
paid off in 5 years. How much should your
monthly payment be to make sure that
happens?
A. $2,177.49
B. $176.13
C. $1,412.03
D. $241.80
We can use the formula for the monthly payment of a loan:
P = (r * A) / (1 - (1 + r)^(-n))
where P is the monthly payment, r is the monthly interest rate, A is the loan amount, and n is the total number of payments.
First, we need to calculate the monthly interest rate:
r = 13.4% / 12 = 0.011167
Next, we need to calculate the total number of payments:
n = 5 years * 12 months/year = 60 months
Now, we can plug in the values and solve for the monthly payment:
P = (0.011167 * 10,532) / (1 - (1 + 0.011167)^(-60)) = $241.80 (approx.)
Therefore, the monthly payment should be $241.80, which is option D.
You intend to create a college fund for your baby. If you can get an interest rate of 5.2% compounded monthly and want the fund to have a future value of $106,920 after 19 years, how much should you deposit each month? A. $471.28 B. $5,411.06 C. $466.64 D. $275.76
We can use the formula for the future value of an annuity:
FV = P * ((1 + r/n)^(n*t) - 1) / (r/n)
where FV is the future value, P is the regular payment, r is the annual interest rate, n is the number of compounding periods per year, and t is the number of years.
First, we need to convert the annual interest rate to a monthly rate and the number of years to months:
r = 5.2% / 12 = 0.433333%
t = 19 years * 12 months/year = 228 months
Now, we can plug in the values and solve for the regular payment:
106920 = P * ((1 + 0.00433333)^(12*228) - 1) / 0.00433333
P = 106920 * (0.00433333) / ((1 + 0.00433333)^(12*228) - 1) = $466.64 (approx.)
Therefore, you should deposit $466.64 each month, which is option C.
Find P(Math)
A. 0.260
B. 0.176
C. 0.382
D. 0.206
It seems like some information is missing from the question. Please provide more context or the question prompt so I can assist you better.
Male Female
Math 12 14
Science 16 9
English 7 10
Find P(Math)
A. 0.260
B. 0.176
C. 0.382
D. 0.206
P(Math) is the probability of selecting a student who is enrolled in Math, so we need to add up the number of students who are enrolled in Math and divide by the total number of students.
The total number of students is:
12 + 14 + 16 + 9 + 7 + 10 = 68
The number of students enrolled in Math is:
12 + 14 = 26
Therefore, the probability of selecting a student who is enrolled in Math is:
P(Math) = 26/68 = 0.382
So, option C is correct, i.e., P(Math) is 0.382.
Male Female
Math 12 14
Science 16 9
English 7 10
Find P(Male or Science)
A. 0.882
B. 0.647
C. 0.235
D. 0.457
To find P(Male or Science), we need to add up the number of male students and the number of students enrolled in science, but we need to be careful not to count the overlap twice, otherwise we will be double-counting some students.
The total number of male students is:
12 + 16 = 28
The number of students enrolled in Science is:
16 + 9 = 25
However, we have to subtract the one student who is both male and enrolled in Science:
25 - 1 = 24
Now we can add up the number of males and the number of students enrolled in Science, but subtract the overlap once:
28 + 24 = 52
Therefore, P(Male or Science) is:
P(Male or Science) = 52/68 = 0.7647 (approx.)
So, option B is correct, i.e., P(Male or Science) is 0.647.
Male Female
Math 12 14
Science 16 9
English 7 10
. Find P(Math│Female)
A. 0.538
B. 0.662
C. 0.485
D. 0.424
We can use Bayes' theorem to find P(Math|Female):
P(Math|Female) = P(Female|Math) * P(Math) / P(Female)
We can find each of these probabilities separately:
P(Female) is the probability of selecting a female student, which is:
14 + 9 + 10 = 33
P(Math) is the probability of selecting a student who is enrolled in Math (regardless of gender), which we found earlier to be:
26
To find P(Female|Math), we need to find the probability that a female student is enrolled in Math. This is given by:
P(Female|Math) = P(Female and Math) / P(Math)
We can find P(Female and Math) by looking at the table provided:
14
Therefore, P(Female|Math) is:
P(Female|Math) = 14 / 26 = 0.538 (approx.)
Now we can plug in the values and solve for P(Math|Female):
P(Math|Female) = 0.538 * 26 / 33 = 0.424 (approx.)
Therefore, option D is correct, i.e., P(Math|Female) is 0.424.
Male Female
Math 12 14
Science 16 9
English 7 10
Find P(English and Male)
A. 0.103
B. 0.200
C. 0.412
D. 0.070
To find P(English and Male), we need to multiply the probability of selecting a male student by the probability of selecting a student enrolled in English, but we need to be careful not to double-count the overlap (i.e., male students enrolled in English).
The total number of male students is:
12 + 16 = 28
The number of students enrolled in English is:
7 + 10 = 17
The number of male students enrolled in English is:
7
Now we can use the formula:
P(English and Male) = P(Male) * P(English|Male)
P(Male) is the probability of selecting a male student, which is:
28/68
P(English|Male) is the probability of selecting a male student enrolled in English, which is:
7/28
Therefore, P(English and Male) is:
P(English and Male) = (28/68) * (7/28) = 0.103 (approx.)
So, option A is correct, i.e., P(English and Male) is 0.103.
Which of the following is an example of the factor of production, entrepreneurship?
A.
Money spent in the economy.
B.
Machines used in car production factories.
C.
Orange groves in California.
D.
Zhang Yiming, the founder of TikTok.
D. Zhang Yiming, the founder of TikTok, is an example of the factor of production, entrepreneurship. Entrepreneurship refers to the ability or willingness to develop, organize, and manage a business venture along with any of its risks to make a profit. Zhang Yiming started TikTok, which has become a wildly successful venture and has made him a billionaire. The other options are not examples of entrepreneurship – money spent in the economy is not a factor of production, machines used in car production factories are an example of capital (a factor of production), and orange groves in California are an example of land (a factor of production).
Which of the following best describe what we mean by resources in economics?
A.
The natural resources, like water and trees.
B.
The factors of production used to produce goods and services.
C.
The human resources, like workers.
D.
The capital resources, like tools and buildings.
B. The factors of production used to produce goods and services. Resources, in the context of economics, refers to the factors of production that are used to produce goods and services. These factors of production include land, labor, capital, and entrepreneurship. Option A only refers to a type of land that is a natural resource; option C only refers to a type of labor that is human; and option D only refers to a type of capital that is physical. Therefore, the most general and accurate answer is option B.
What does the economic phrase "There is no such thing as a free lunch" mean?
A.
Everyone must pay for his or her own lunch.
B.
Restaurants do not offer lunches for free every day.
C.
There are always resources that must be given up to produce and consume the lunch.
D.
The person who consumes the lunch gains calories from eating it.
C. The economic phrase "There is no such thing as a free lunch" means that there are always resources that must be given up to produce and consume a good or service. Even if something appears to be free, there are always costs associated with it, whether it be time, money, or resources. Therefore, for any good or service, someone always pays for it, either directly or indirectly. Options A, B, and D are too narrow or specific, while option C captures the general concept of the phrase.
Robert was a teacher for 10 years. At the age of 32, he decided to join the U.S. Army and was sent overseas. He could not teach and be in the Army at the same time. Robert's choice illustrates which of the following concepts?
A.
The conflict between social and private interests.
B.
The role of incentives when people choose.
C.
Every choice has an opportunity cost.
D.
The marginal benefit of the choice.
A. Robert's choice to join the U.S. Army and leave his teaching job illustrates the concept of the conflict between social and private interests. While teaching may have been personally fulfilling and beneficial to Robert, joining the U.S. Army was a decision that served a larger, social purpose. Robert may have chosen to serve his country rather than continue to pursue his own private interests. Option B refers to the role of incentives, which is not relevant in this situation. Option C refers to opportunity cost, which is a possibility in any decision but is not specifically illustrated by Robert's choice. Option D refers to the marginal benefit of a choice, which is not discussed in the given scenario.
What would be the greatest opportunity cost for a talented college football player to remain in college for another year rather than enter the NFL draft?
A.
Tuition, housing, and books
B.
More free time
C.
Athletic scholarship
D.
Lost wages