student borrows $65,000 for business school at 8.5% stated annual interest with monthly repayment over 8 years. Consider this as a loan with no payments or interest during school so that the problem structure is equivalent to a standard loan received one period before the first payment. Suppose that to better match expected student salary growth over time, the loan is structured as a growing annuity with each monthly payment growing by 0.2% compared to the previous monthly payment. How much is the first monthly payment?

Answers

Answer 1

Answer:

[tex]First\ monthly\ payment= $858.69[/tex]

Step-by-step explanation:

From the Question we are told that

Borrows $65,000

Annual interest  8.5%

Monthly repayment over 8 years

Generally PV of annuity with growth is mathematically represented as

where PV is present value

PV of annuity with growth X= [tex](P/ (r-g)) * (1- ((1+g)/(1+r))^n)[/tex]

     [tex]\frac{P}{\frac{8\%}{y12-0.2\%} } *(1-((1+0.2\%)/(1+8.5\%/12))^(^8^*^1^2^)^)=65000[/tex]

    [tex]196.7213115P* 0.384791918=65000[/tex]

     [tex]196.7213115P=65000/0.384791918[/tex]

    [tex]196.7213115P=168922.4668[/tex]

     [tex]P= 168922.4668/196.7213115[/tex]

    [tex]P= 858.6892063[/tex]

[tex]First\ monthly\ payment= $858.69[/tex]


Related Questions

How many right angles are in this shape.

Answers

Answer:

B:3

Step-by-step explanation:

If Alice had 50 pieces of ribbon and she used 38 pieces how many pieces does she have leftover? (She has green ribbon to make her a new green dress)

Answers

Answer:

12

Step-by-step explanation:

This is a standard subtraction problem, so our equation is:

50 - 38 = 12

So she has 12 pieces of ribbon left

Answer:

12

Step-by-step explanation:

This is a simple subtraction equation.

50-38

=12

Or you could reverse it,

38+12

=50

Predict what the products would be in the following double displacement reaction:
KBr + AgNO3---->____ + ____

Answers

KBr + AgNO3 --------> KNO3 + AgBr

It is Double displacement reactions ( means ions exchange take place)

When potassium bromide react with silver nitrate then,products came out are potassium nitrate and silver bromide.

The freezing point of a certain liquid is -7F . Another liquid freezes at -12F . What is the difference between the absolute values of each freezing point?

Answers

Answer:

Step-by-step explanation:

5

PLZ HELP I AM FAILING MATH!!


How many variable terms are in the expression 3x3y + 5x2 − 4y + z + 9?

Answers

answer:3

explaintion:

count the letters

Solve for M MUST SHOW WORK!!!
2 = m/2 - 7

M=???

Answers

Answer:

[tex]2 = \frac{m}{2} - 7 \\ \frac{m}{2} = 9 \\ m = 2 \times 9 \\ \boxed{m = 18}[/tex]

m=18 is the right answer.

12 divided by 12 x 34 x 5

Answers

Answer:

1/170

Step-by-step explanation:

divide 12 by 2040

Answer:

.005

Step-by-step explanation:

12*34=408

408*5=2040

12/2040=.005

Hope this helps!

-5=-10+

I don’t understand this can someone please help me with this?? Thank you

Answers

Answer:

im pretty sure its 5+

Step-by-step explanation:

Riley used this graph to compare two movie-rental plans.

Choose the three statements that are true about the graph.

Answers

Answer:

The 3 statements that are correct are:

1. "Plan A offers fewer movies than Plan B for monthly costs greater than 20$"

2. "The two plans cost the same for 10 movies per month"

3. "The two plans offer the same number of movies for 20$ a month."

Diane buys candy that costs $4 per pound. She will spend more than $20 on candy. What are the possible numbers of pounds she will buy?
Use
P
for the number of pounds Diane will buy.
Write your answer as an inequality solved for p.​

Answers

Answer:

12 pounds

Step-by-step explanation:

We know that the candy costs $4 per pound

We also know that he will only spend up to $48

We can represent this as an equation:

4x = 48

Where as x = number of pounds

Solve the equation to find how many pounds he can buy.

4x = 48

Divide both sides by 4

x = 12

This means that Kareem can buy 12 pounds

which ratio is the simplest form of 42:28 ?

Answers

Answer:

3 :2

Step-by-step explanation:

hope this helps

Answer:

3:2

Step-by-step explanation:

42:28 = 21:14 = 3:2

To figure this out, I divided both sides by two and then by three. I just kept simplifying until I couldn't simplify any more.

Complete the equation of the line whose y-intercept is(0,5) and slope is -9.

Answers

Answer:

y=-9x+5

Step-by-step explanation:

HELP ASAP I will mark brainliest

Answers

Answer:

option 4

Step-by-step explanation:

Of the 15 DVDs, 3/5 were comedies. How many movies were comedies

Answers

Answer:

9 comedies

Step-by-step explanation:

(3/5) * 15 = 9

15 dived by 5 is equal to 3. 3 is equal to 1 out of 5. To find 3 out of 5 you times 3 times 3 which is equal to 9

PLEASE HELP I WILL GIVE BRAINLIEST!!

-

A line is rotated. Which of these could be the results?

Answers

Should be A.

A line is a continuous segment in both directions. The rest of the answers are not technically lines and the last answer is a hyperbolic graph and not showing rotation.

The rotation of line will result in the graph A

What is Rotation?

The measure of the amount a figure is rotated about the center of rotation is called the angle of rotation. The angle of rotation is usually measured in degrees. We specify the degree measure and direction of a rotation.

90° clockwise rotation: (x,y) becomes (y,-x)

90° counterclockwise rotation: (x,y) becomes (-y,x)

180° clockwise and counterclockwise rotation: (x, y) becomes (-x,-y)

270° clockwise rotation: (x,y) becomes (-y,x)

270° counterclockwise rotation: (x,y) becomes (y,-x)

Given data ,

Let the line be represented as m

Now , the line m is depicted on the graph

And , when a line is rotated in a plane, the possible results are:

A rotation of 0 degrees: The line stays in its original position.

A rotation of 180 degrees: The line rotates half way around and ends up pointing in the opposite direction.

A rotation of any angle between 0 and 180 degrees: The line rotates by that angle, either clockwise or counterclockwise, depending on the direction of the rotation.

Hence , the rotation of line is solved and is graph A

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a) 1/5 ÷ 4
b) 7 ÷ 1/6

Answers

Answer:

What is the question.

Step-by-step explanation:

Please let me know so I can help

Write 6 feet to 36 feet as a fraction in simplest form

Answers

Answer:

Step-by-step explanation:

6/36=1/6

The function () is shown in this graph.
10.30
The fonction () = -6x - 5.
Compare the slopes
O A. The slope of K%) is the same as the slope of g(x).
O B. The slope of fx) is andefined and tha slope of g(x) is negativer
O C. The slope of) is greater than the slope of dx)
D. The slope of X) is less than the slope of g(x).
Yes

Answers

Answer:

is there anymore to the question question?

Step-by-step explanation:

What is 5/4 simplified?

Answers

Answer: 1 1/4

Step-by-step explanation:5/4 is an improper fraction so it can not be simplify aymore but you can write it as a mixed number. 5/4 as an improper fraction is 1 1/4 .

Hope it helps :)

Please help!

What is one proportion?

Answers

18 minutes, i got this from the first answer as it is 16 minutes

is the slopes 4 and -4 perpendicular, parallel, or neither?

Answers

Perpendicular = opposite sign and reciprocal slope
Parallel = same slope

Answer: neither

Solve the proportion: 10/9=5/k​

Answers

Answer:

k= 9/2

decimal form:4.5

mixed number: 4 1/2

Step-by-step explanation:

Answer:

k=4.5

Step-by-step explanation:

10 / 9 = 5 / 4.5

2. Lorena is trying to choose between two different savings accounts at H-Town Bank. She will deposit $3,500 dollars and will leave the money in the account for 12 years. There will be no additional money deposited or withdrawn from the account.​

Answers

Answer:

First of all, this question is not complete. So, we will be hypothetically create two accounts and try to choose the one with the greater profit.

Choice 1 = X = Final Amount after 12 years = $5600

Choice 2 = Y = Final Amount after 12 years = $6285.50

Hence, Lorena should choose choice 2, as it gives more profit over than choice 1.

Step-by-step explanation:

First of all, this question is not complete. So, we will be hypothetically create two accounts and try to choose the one with the greater profit.

Initial Deposit Amount = $3500

Time period = 12 years

Let's Suppose Lorena has two X and Y choices of accounts at H-town Bank.

X = simple interest of 5% over the initial amount for 12 years.

Y = Compound interest 5% over the initial amount for 12 years.

Solution:

Let's calculate the profit for choice 1 = X

Simple interest = 5%

Initial amount = $3500

Time period = 12 years

Formula = A = P (1 + rt)

where, A = Final amount after 12 years

t = time period in years  = 12

P = initial amount to be deposited = $3500

r = annual interest rate = 5%

Plug in the values to get the total amount.

A = 3500(1+0.05x12)

A = $5600 = final amount Lorena will get after 12 years.

Let's calculate the profit for choice 2 = Y

Compound interest = 5%

Initial amount = $3500

Time period = 12 years

Formula = A = P [tex](\frac{r}{n} + 1)^{nt}[/tex]

where,

A = Final amount after 12 years

t = time period in years  = 12

P = initial amount to be deposited = $3500

r = annual interest rate = 5%

n = number of times interest rate is applied or compounded. = 12

Plug in the values to get the total amount.

A = P [tex](\frac{r}{n} + 1)^{nt}[/tex]

A = $6285.50

Hence, Lorena should choose choice 2, as it gives more profit over than choice 1.

HELP PLEASE!!!
Determine whether the statement below is always, sometimes, or never true.
A kite is a rhombus.

A. always true
B. sometimes true
C. never true

Answers

Answer: Actually, it's never true.

Step-by-step explanation:

A kite is a quadrilateral defined to have no pairs of parallel sides.

A rhombus is a quadrilateral that has two pairs.

HOPE THIS HELPS

Hence Option B is correct i.e. sometimes true.

What is a Rhombus?

A Rhombus is a quadrilateral. It is a special case of a parallelogram, whose all sides are equal and diagonals intersect each other at 90 degrees.

How to Solve:

A Rhombus has following major properties:

1)The diagonals bisect each other at 90 degrees,

2)Opposite sides are parallel and equal and

3)Opposite angles are always equal.

A kite has only one pair of opposite equal angles and only adjacent sides are equal. a kite may or may not hold property no. 3.

Hence , Option B is true.

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is 12/15 equivalent to 36/45

Answers

Answer:

YES

Step-by-step explanation:

Answer:Any positive improper fraction is larger than any positive proper fraction: ie: 44/25 > 1 > 19/ ie: - 44/25 < -1 < - 19/

Step-by-step explanation:

Please help me! Need help! I will give brainliest.

Answers

Answer:

A I think

Step-by-step explanation:

PLEASE HELP ME BRAINLY I WILL GIVE BRAINLEST PLEASEEEEE GUYS

Answers

Answer:

1.=4x+8

2.=6x+8x

3.=8x+12

4.=6x+6y+6z

Step-by-step explanation:

Answer:

This is my other account.

Step-by-step explanation:

Help plz Help plz Help plz Help plz

Answers

Answer:

I wanted to let you know that you are NOT what your username suggests you are. Please do not think like that.

Step-by-step explanation:

Challenge #2 Press "Deal" to receive your cards. Drag cards from your hand to the red and blue areas. GOAL: Create two groups of cards with the SAME SUM using as many cards as possible.

Answers

Answer:

Can you explain what the press deal and recieve cards means?

Step-by-step explanation:

A direct variation function contains the points (-9, 3) and (-12, 4). Which equation represents the function?
Oy=-3x
Oy=
O y
Oy=3x

Answers

Oy= - 3x please give me beainliest answer

Explaination: when there is two negatives it would turn into a positive bit there are positives too so it would stay negative and yeah

The equation which represents the function is y=-1/3x

What is Slope of Line?

The slope of the line is the ratio of the rise to the run, or rise divided by the run. It describes the steepness of line in the coordinate plane.

The slope intercept form of a line is y=mx+b, where m is slope and b is the y intercept.

The slope of line passing through two points (x₁, y₁) and (x₂, y₂) is

m=y₂-y₁/x₂-x₁

We have to find equation of line passing through points (-9, 3) and (-12, 4)

slope = 4-3/-12+9

=1/-3

=-1/3

Now let us find y intercept

3= -1/3(-9)+b

3=3+b

b=0

Hence, the equation which represents the function is y=-1/3x

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