Mathematics, 25.02.2020 04:45 amaya171
Alan writes the equation A=500(1.25)t to figure out how much it will cost him for a one-year loan of $500 with an interest rate of 25% compounded only once. He wants to determine the annual percentage rate (APR) for a loan that would cost the same amount overall, if it is compounded monthly, instead of only once.
Which equation should he use, and what is the APR?
1. A≈500(1.0188)^12t APR≈22.56%
2. A≈500(1.0188)^12t APR≈1.88%
3. A≈500(1.2512)^112t APR≈14.55%
4. A≈500(1.25)^12t APR≈1.88%
Answers: 2
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Fixed rate mortgage offer: purchase price: $170,000 down payment ($34k): 20% term: 30 years interest rate: 4.25% property tax (yearly): $1,500 homeowner’s insurance (yearly): $1,000 use this example from a fixed-rate mortgage calculator to you answer the questions. keep the page open after you complete this question. according to the calculator, the monthly payment demarco and tanya should anticipate paying for principal and interest is $208. $877. $669. $1,200.
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