Business, 19.09.2020 01:01 antonio97

Fred wants to take out a loan. He can afford to make monthly payments of 100 dollars and wants to pay the loan off after exactly 20 years. What is the maximum amount that Fred can afford to borrow if the bank charges interest at an annual rate of 10 percent, compounded monthly

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Answer from: jenna1680

$10,390.96

Explanation:

The formula for the principal amount is

P = A (1 - (1-r)^n / r)

From the given data, A = 100

r = 10 / 100 * 12 = 10 / 1200 = 0.0083

n= 20 * 12 = 240

Now substitute this data in the formula

P = 100 ( 1 - (1 + 0.0083)^-240 / 0.0083)

P = 100 ( 1 - (1/7.27016) / 0.0083)

P = 100 ( 1 - 0.13755 / 0.0083)

P = 100 ( 0.86245 / 0.0083)

P = 100 * 103.90964

P = $10,390.964

P = $10,390.96

The maximum amount that Fred can afford to borrow if the bank charges interest at an annual rate of 10 percent, compounded monthly is $10,390.96

Answer from: Quest

There are three key entities in thefederal reserve system: the board of governors, the federal reserve banks(reserve banks), and the federal open market committee (fomc). while the federal reserve has frequent communication with executive branch and congressional officials, its decisions are made independently.

Answer from: Quest

Via: "if you are found to be supplying or dealing drugs, the punishment is likely to be tough. supplying drugs doesn’t just apply to dealers. if police suspect that you intend to share drugs with your friends, this is still considered to be supplying.

being suspected of supplying drugs means you are much more likely to be charged. the amount of drugs found on you, and whether you have a criminal record, will be taken into account when a punishment is being decided.

decisions to prosecute are taken by the public prosecution service. the maximum sentences for intent to supply drugs are:

- up to life in prison or an unlimited fine (or both) for a class a drug- up to 14 years in prison or an unlimited fine (or both) for a class b or class c drug."sorry if this was a school question, you didnt supply options so i assumed it was a personal question, which if it is, reconsider selling or having possesion of any drugs at all. i wish you the best!

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