Mathematics, 30.07.2019 04:30 justachelseafan

Follow the steps above and find c, the total of the payments, and the monthly payment. choose the right answers. jane smart buys a new suv. the price, including tax, is $22,500.00. she finances the vehicle over 60 months after making a $2,000 down payment. the true annual interest rate is 12%. what are jane's monthly payments (principal plus interest)? to the nearest penny, c = $. total of payments = amount financed + c = $. total of payments ÷ number of payments = monthly payment = $.

Answers: 2

Show answers

Answers

When the question is not clear, it is very important to state the assumptions.

Question says "true annual interest rate" = 12%. This seems to be equivalent to AER (annual equivalent rate) of 12%, and the monthly interest rate,
i = 1.12^(1/12)-1 = 0.948879% per month
With this interest rate, the monthly amount would be:
A=(P*(i*(1+i)^n))/((1+i)^n-1)
A=monthly payment
P=amount borrowed = 22500-2000=20500
i=0.948879% (per month)
n=60 months
=>
A=(P*(i*(1+i)^n))/((1+i)^n-1)
=(20500*(.00948879*(1+.00948879)^60))/((1+.00948879)^60-1)
=449.68
Total interest paid = 60*A-20500=6480.91

Question also says "Follow the steps above...", which we do not get to see, so there is another missing piece.

If it had been simple interest (very rate), then the monthly payment would be monthly payment=(22500-2000)*(1+0.12*5)/60=546.67.
This is over-estimated, because the full amount was not borrowed throughout the 5 years.

If the 12% given is the APR, which is twelve times the monthly interest, then the monthly payment would be calculated by the compound interest formula

A=(20500*(0.01*(1+0.01)^60))/((1+0.01)^60-1)
=456.01 (based on APR=12%, same assumption and results as zrh2sfo)
and the remaining calculations are the same as those of zrh2sfo.

NOTE: You can see that in math, it is best to post the original question, all parts completed, so we can see the actual problem. Helpers cannot help efficiently and correctly if only part of the question is posted, or worse, if there were typos. In the absence of information, helpers will have to make assumptions, which may or may not coincide with the intention of the question.

Answer from: Quest

the answer is 200

step-by-step explanation:

this is a problem about poisson probabilities. i don't know if you've

already studied poisson distributions, or if you have a place to look

to read more about the subject.

here's how you can see a poisson distribution coming. when there are

a lot of events that may happen at any time (or any place), and when

you're counting how many of them happen at a particular time (or a

particular place), and each event is independent of the others, then

the result is a poisson distribution. this is roughly true for the

chocolate chips; one chip being in a cookie has only a small effect on

the probability that another chip will be in the cookie.

once you know you have a poisson distribution, you know a lot. there

is only one parameter to a poisson distribution, so if you know the

mean, you know everything. the form of the distribution is

probability of n chips = {[e^(-x)]*(x^n)} / (n! )

Answer from: Quest

No i refuse to tell you the answer but the estimate is 10

Another question on Mathematics

Mathematics, 21.06.2019 15:30

Asquare is dilated by a scale factor of 1.25 to create a new square. how does the area of the new square compare with the area of the original square? a)the area of the new square is 1.25 times the area of the original square. b)the area of the new square is 2.50 times the area of the original square. c)the area of the new square is 1.252 times the area of the original square. d)the area of the new square is 1.253 times the area of the original square.

Answers: 1

Answer

Mathematics, 21.06.2019 17:00

Select all of the quadrants that the parabola whose equation is y=√x-4 (principal square root) occupies. i ii iii iv

Answers: 3

Answer

Mathematics, 21.06.2019 19:20

Part a: sam rented a boat at $225 for 2 days. if he rents the same boat for 5 days, he has to pay a total rent of $480. write an equation in the standard form to represent the total rent (y) that sam has to pay for renting the boat for x days. (4 points)

Answers: 1

Answer

Mathematics, 21.06.2019 23:20

Which shows a reasonable estimation for 124% of 42 using the distributive property?

Answers: 1

Answer

You know the right answer?

Follow the steps above and find c, the total of the payments, and the monthly payment. choose the ri...

Questions