5) Crystal wants to consolidate her bills into 1 smaller monthly payment. She has a total of $23,000 worth of debt. If she consolidates with a personal loan, she can choose between a 5
year or 8 year loan at 6.75% APR. How much more interest will she pay if she chooses 8
years instead of the 5 year loan?​

The amount more in interest she will pay if she choose 8 years instead of 5 years loan is approximately $2,665.92

Step-by-step explanation:

The total worth of debt Crystal has. P = $23,000

The options on the number of years for which the loans for consolidation are available, t = 5 and 8 years

n = 12 × t = The number of monthly payment = 12×5 = 60 or 12 × 8 = 96

The annual percentage rate of the loans, r = 6.75% = 0.0675

The monthly payments, 'M', Crystal pays is given as follows;

When n = 60, we get;

The total amount payed, A = M × n

∴ The total amount payed when n = 60 is, A₅ = 452.72 × 60 = 27163.2

A₅ ≈ $ 27,163.2

The interest on the loan, I₅ = A₅ - P

∴ I₅ = $27,163.2 - $23,000 = $4,163.2

When n = 80, we get;

∴ The total amount payed when n = 80 is, A₈ = 310.72 × 96 = 29,829.12

A₈ = $ 29,829.12

The interest on the loan, I₈ = A₈ - P

∴ The interest on the loan, I₈ = 29,829.12 - 23,000 = 6,829.12

The interest Crystal pays when takes the loan for 8 years, I₈ = $6,829.12

Therefore, the amount more interest she will pay if she choose 8 years instead of 5 years loan, ΔI = I₈ - I₅

ΔI = $6,829.12 - $4,163.2 = $2,665.92

The amount more interest she pays if she choose 8 years instead of 5 years loan, ΔI = $2,665.92.

step-by-step explanation:

if you want to solve percent error follow these steps.

1. subtract the accepted value from the experimental value.

2. take the absolute value of step 1.

3. divide that answer by the accepted value.

4. multiply that answer by 100 and add the % symbol to express the answer as a percentage.

if you want to solve percent of change just do this.

1. work out the difference (increase) between the two numbers you are comparing.

2. divide the increase by the original number and multiply the answer by 100. if your answer is a negative number then this is a percentage decrease.

hope this : )

0.02

step-by-step explanation:

time of 9 192 631 770 periods of the radiation corresponding to the transition between the 2 hyperfine levels of the ground state of the caesium 133 atom at 0 k (but other seconds are sometimes used in astronomy)