Mathematics, 04.08.2019 07:00 silvernekoo

Dean took out a 10-year loan for $40,000 at an apr of 4% compounded monthly. what will his balance be after he has made exactly half of his monthly payments

Answers: 1

Show answers

Answers

Answer from: mostman077

The balance be after he has made exactly half of his monthly payments is $56881.4.

Step-by-step explanation:

Given : Dean took out a 10-year loan for $40,000 at an APR of 4% compounded monthly.

To find : What will his balance be after he has made exactly half of his monthly payments?

Solution :

Formula of monthly payment ,

$M=\frac{\text{Amount}}{\text{Discount factor}}$

Discount factor $D=\frac{1-(1+i)^{-n}}{i}$

Where, Amount = $40,000

Rate r= 4% compounded monthly

$i=\frac{4}{100}=0.04$

Time = 10 years

$n=10\times12=120$

Now, put all the values we get,

$D=\frac{1-(1+i)^{-n}}{i}$

$D=\frac{1-(1+0.04)^{-120}}{0.04}$

$D=\frac{1-(1.04)^{-120}}{0.04}$

$D=\frac{1-0.00903}{0.04}$

$D=\frac{0.9909}{0.04}$

D=24.7725

$M=\frac{\text{Amount}}{\text{Discount factor}}$

$M=\frac{40000}{24.7725}$

M=1614.69

Half of the monthly payment is $807.345

Payment for 10 years is $807.345\times 120=96881.4$

The balance is $96881.4-$40000=$56881.4

Therefore, The balance be after he has made exactly half of his monthly payments is $56881.4.

Answer from: Quest

something that characterises a right triangle is the fact that we may use pythagoras' theorem to find any one of its sides given that we have the length of the other two sides. here, we have the length of the hypotenuse, √(87) yd, and one other side, √(23) yd, thus we can easily find the length of the remaining side using pythagoras' theorem as defined below:

c^2 = a^2 + b^2, where c is the length of the hypotenuse, and a and b are the lengths of the other two sides.

thus, given that c = √(87) and a = √(23), we may substitute these into the formula we defined above to get:

c^2 = a^2 + b^2

(√87)^2 = (√23)^2 + b^2 (substitute c = √87 and a = √23 into the equation)

87 = 23 + b^2 (evaluate (√87)^2 = 87 and (√23)^2 = 23 - remember that the square root of a number, squared will equal that very same number)

64 = b^2 (subtract 23 from both sides)

√64 = b (take the square root of both sides)

8 = b (evaluate √64 = 8)

therefor, the length of the unknown leg in the right triangle is 8 yd (first answer).

What is the length of the unknown leg in the right triangle ?

Answer from: Quest

10.416 meters per second

step-by-step explanation:

distance=1 00 meters

time= 9.6 seconds in decimal form or 9 3/5 as a mixed number

average speed= 100/9.6

=10.416 meters per second or 10 52/125 as a mixed number.

Another question on Mathematics

Mathematics, 21.06.2019 15:00

Which is equivalent to 10/12? options: 10/18 5/6 3/12 9/11

Answers: 2

Answer

Mathematics, 21.06.2019 19:20

Askyscraper is 396 meters tall. at a certain time of day, it casts a shadow that is 332 meters long.at what angle is the sun above the horizon at that time?

Answers: 1

Answer

Mathematics, 21.06.2019 22:20

1. 2. ∠b and ∠y are right angles. 3.? 4.? which two statements are missing in steps 3 and 4? ∠x ≅ ∠c △abc ~ △zyx by the sas similarity theorem. ∠b ≅ ∠y △abc ~ △zyx by the sas similarity theorem. = 2 △abc ~ △zyx by the sss similarity theorem. = 2 △abc ~ △zyx by the sss similarity theorem.

Answers: 2

Answer

Mathematics, 22.06.2019 00:00

The width of a rectangle is half as long as the length. the rectangle has an area of 18 square feet. what are the length and width of the rectangle?

Answers: 1

Answer

You know the right answer?

Dean took out a 10-year loan for $40,000 at an apr of 4% compounded monthly. what will his balance b...

Questions

Mathematics, 02.12.2020 18:30

Pls help :( thank you. Only if you know it ...