After four years of college, Erica has to start paying off all her student loans. Her first payment is due at the end of this month. Her bank told her that she has 7 years to pay off all of her loans, and that starting this month, the loans will be compounded monthly at a fixed annual rate of 9.1%. Erica currently has a total of $34,006.00 in student loans. Use the formula for the sum of a finite geometric sequence to determine Erica's approximate monthly payment.

Answers

Answer 1

Answer:

Therefore, the approximate monthly payment is $548.85

Step-by-step explanation:

The amount of student loans Erica currently has = $34,006.00

The duration over which Erica is to pay back the loan = 7 years

The annual interest rate for the loan = 9.1%

Therefore, we have the geometric sequence formula is given as follows;

[tex]A_n = P( 1 + r)^n - M \times \left [ \dfrac{(1 + r)^n-1}{r} \right ][/tex]

Where;

M = The monthly payment

P = The initial loan balance = $34,006.00

r = The annual interest rate = 9.1%

n = The number of monthly payment = 7 × 12 = 84

Aₙ = The amount remaining= 0 at the end of the given time for payment

Substituting the values into the above formula, , we get;

[tex]0 = 34006 \times \left ( 1 + \dfrac{0.091}{12} \right )^{84} - M \times \left [ \dfrac{\left (1 + \dfrac{0.091}{12} \right )^{84}-1}{\dfrac{0.091}{12} } \right ][/tex]

[tex]M = \dfrac{34006 \times \left ( 1 + \dfrac{0.091}{12} \right )^{84} }{\left [ \dfrac{\left (1 + \dfrac{0.091}{12} \right )^{84}-1}{\dfrac{0.091}{12} } \right ]} \approx 548.85[/tex]

Therefore, the approximate monthly payment = $548.85


Related Questions

solve 2x^2+x-6=0

1. {-3/2, 2}

2. {}

3. {-2, 3/2}

Answers

Answer:

3. {-2, 3/2}

Step-by-step explanation:

[tex]\mathrm{Solve\;with\;the\;quadratic\;formula}[/tex]

[tex]x_{1,\:2}=\frac{-1\pm \sqrt{1^2-4\cdot \:2\left(-6\right)}}{2\cdot \:2}[/tex]

[tex]\sqrt{a^1-4*2(-6)=7}[/tex]

[tex]x_{1,\:2}=\frac{-1\pm \:7}{2\cdot \:2}[/tex]

[tex]\mathrm{Separate\:the\:solutions}[/tex]

[tex]x_1=\frac{-1+7}{2\cdot \:2},\:x_2=\frac{-1-7}{2\cdot \:2}[/tex]

[tex]x=\frac{-1+7}{2*2}:\frac{3}{2}[/tex]

[tex]x=\frac{-1+7}{2*2}:-2[/tex]

[tex]\mathrm{The\:solutions\:to\:the\:quadratic\:equation\:are:}[/tex]

[tex]x=\frac{3}{2},\:x=-2[/tex]

~Learn with Lenvy~

Answer:

Step-by-step explanation:

answer- {-2, 3/2}

steps are in the image.

1.6 is what percent of 5?

Answers

Answer:

32%

Step-by-step explanation:

The measures of the angles of a triangle are shown in the figure below solve for x

Answers

Answer:

X=6°

Step-by-step explanation:

Here, 4x+3+63+90=180 [sum of interior angles of a triangle is 180°]

or, 4x+156=180

or, 4x=180-156

or, 4x=24

or, X=24/4

Hence, x= 6°

Alma borrows money from her mom to buy a $150 bike. She gives her mom $40 at the time of purchase and continues to pay her $10 each month until the bike is paid for in full. Alma wrote this equation to represent the amount y that she will have paid her mom after x months.Equation:y 5 40x 1 10Is her equation correct? How did she get that equation? If it is not correct, write a correct equation.

Answers

Given:

Total amount of bike = $150

Alma gives her mom $40 at the time of purchase and continues to pay her $10 each month until the bike is paid for in full.

Alma's equation: [tex]y=40x+10[/tex]

To find:

Whether her equation is correct or not.

Solution:

Let y be the amount that she will have paid her mom after x months.

She pays $10 each month.

She will $10x in x months.

Initially she gives $40 to her mom at the time of purchase. So, total amount she pays after x months is

Total amount [tex]=40+10x[/tex]

Since, y represents the amount that she will have paid her mom after x months, therefore

[tex]y=40+10x[/tex]

Alma multiply the variable x with 40 instead of 10.

Hence, Alma is incorrect and the correct equation is [tex]y=40+10x[/tex].

Complete the table below. Show all your work. ILL PUT YOU AS BRAINLIEST PLSSS

Answers

Answer:

See below.

Step-by-step explanation:

y=2x+3

-----

y=2(-2)+3

y=-4+3

y=-1

y=2(-1)+3

y=-2+3

y=1

y=2(0)+3

y=0+3

y=3

y=2(1)+3

y=2+3

y=5

y=2(2)+3

y=4+3

y=7

-hope it helps

*) 3. Write the equation in slope-intercept form of the line that passes through the points (5, 4) and (-1, 6). I​

Answers

Answer:

3y = -x + 17

Step-by-step explanation:

Equation of a line is in the form:

y = mx + c

where m is slope and c is intercept

Mathematically;

slope m = (y2-y1)/(x2-x1)

= (6-4)/(-1-5) = 2/-6 = -1/3

So the equation is now;

y = -x/3 + c

Multiply through by 3

3y = -x + 3c

To get c substitute the value of a point say (5,4)

x = 5 and y = 4

3(4) = -5 + 3c

12 = -5 + 3c

12+ 5 = 3c

3c = 17

c = 17/3

So the equation is

y = -x/3 + 17/3

and that is

3y = -x + 17

Kayla buys a shirt for 18. 9 she pays with a $10 bill homw much change should she reseive

Answers

Answer:

none

Step-by-step explanation:

Kayla is buying an $18.90 shirt for $10, she is underpaying $8.90.

Therefore, she needs to pay another $8.90 to pay for the full price of the shirt.

Unless there was a discount on the shirt, this answer makes the most sense to me.

Please help me with this

Answers

6x=5x+10
6x-5x=10
x=10
Hope this helps

it says solve for x pls help i’m marking brainliest!!!!

Answers

Answer:

x= 9

Step-by-step explanation:

i got 9 by subtracting 54-45 and got 9 therefore x=9

Does this graph represent a function? Why or why not?
TO
-10884
10
8
-104
A. Yes, because it has two straight lines.
B. Yes, because it passes the vertical line test.
O C. No, because it is not a curve.
D. No, because it fails the vertical line test.

Answers

Answer:

D. No, because it fails the vertical line test

Step-by-step explanation:

A function can only have 1 output for each input. If you are able to draw a vertical line and it touches the graph twice, then it has failed the vertical line test and is therefore not a function.

Hope this helps~! Brainliest is appreciated if it does!

What is the solution to the inequality?

Express yourself in interval notation.​

Answers

Answer:

[tex]\begin{bmatrix}\mathrm{Solution:}\:&\:x\ge \frac{20}{23}\:\\ \:\mathrm{Decimal:}&\:x\ge \:0.86956\dots \\ \:\mathrm{Interval\:Notation:}&\:[\frac{20}{23},\:\infty \:)\end{bmatrix}[/tex]

Step-by-step explanation:

[tex]-\frac{2}{3}\left(2x-\frac{1}{2}\right)\le \frac{1}{5}x-1[/tex]

Expand [tex]-\frac{2}{3}\left(2x-\frac{1}{2}\right)\le \frac{1}{5}x-1[/tex] [tex]-\frac{4}{3}x+\frac{1}{3}[/tex]

[tex]-\frac{4}{3}x+\frac{1}{3}\le \frac{1}{5}x-1[/tex]

[tex]\mathrm{Subtract\:}\frac{1}{3}\mathrm{\:from\:both\:sides}[/tex]

[tex]-\frac{4}{3}x+\frac{1}{3}-\frac{1}{3}\le \frac{1}{5}x-1-\frac{1}{3}[/tex]

[tex]Simplify[/tex]

[tex]-\frac{4}{3}x\le \:-\frac{4}{3}+\frac{1}{5}x[/tex]

[tex]\mathrm{Subtract\:}\frac{1}{5}x\mathrm{\:from\:both\:sides}[/tex]

[tex]-\frac{4}{3}x-\frac{1}{5}x\le \:-\frac{4}{3}+\frac{1}{5}x-\frac{1}{5}x[/tex]

[tex]Simplify[/tex]

[tex]-\frac{23}{15}x\le \:-\frac{4}{3}[/tex]

[tex]\mathrm{Multiply\:both\:sides\:by\:-1\:\left(reverse\:the\:inequality\right)}[/tex]

[tex]\left(-\frac{23}{15}x\right)\left(-1\right)\ge \left(-\frac{4}{3}\right)\left(-1\right)[/tex]

[tex]\mathrm{Simplify}[/tex]

[tex]\frac{23}{15}x\ge \frac{4}{3}[/tex]

[tex]\mathrm{Multiply\:both\:sides\:by\:}15[/tex]

[tex]15\cdot \frac{23}{15}x\ge \frac{4\cdot \:15}{3}[/tex]

[tex]Simplify[/tex]

[tex]23x\ge \:20[/tex]

[tex]\mathrm{Divide\:both\:sides\:by\:}23[/tex]

[tex]\frac{23x}{23}\ge \frac{20}{23}[/tex]

[tex]\mathrm{Simplify}[/tex]

Hence the final answer is [tex]\begin{bmatrix}\mathrm{Solution:}\:&\:x\ge \frac{20}{23}\:\\ \:\mathrm{Decimal:}&\:x\ge \:0.86956\dots \\ \:\mathrm{Interval\:Notation:}&\:[\frac{20}{23},\:\infty \:)\end{bmatrix}[/tex]

Which of the following is a way that anorexia nervosa is different from bulimia nervosa?.

Answers

One key difference between anorexia nervosa and bulimia is the type of nocive relationship patients with these disorders have with food.

What do anorexia nervosa and bulimia have in common?

These two are eating disorders, which means they are diseases that involve nocive or abnormal relationships with food.

What makes these disorders different?Anorexia nervosa patients avoid eating, while bulimia patients eat but use purges such as induced vomit to avoid gaining weight.Patients from anorexia nervosa often have a low weight, while a patient from bulimia can still have a normal weight.Binge eating is common in bulimia but not in anorexia nervosa.

Learn more about anorexia in: https://brainly.com/question/2681827

It took Jaytree 38 seconds to rip about half a DVD.
About what is Jaytree's "ripping rate” in DVDs per
minute?

Answers

Answer:1

Step-by-step explanation:

answer in fraction: 14 7/27

Answers

Answer:

385/27

Step-by-step explanation:

Solve the following system of Equations in any method you choose.
3x - y = 7
2x + y = 8

Answers

Answer:

x=3 and y=2

Step-by-step explanation:

Rewrite equations:

3x−y=7;2x+y=8

Step: Solve3x−y=7for y:

3x−y=7

3x−y+−3x=7+−3x(Add -3x to both sides)

−y=−3x+7

−y

−1

=

−3x+7

−1

(Divide both sides by -1)

y=3x−7

Step: Substitute 3x−7 for y in 2x+y=8:

2x+y=8

2x+3x−7=8

5x−7=8 (Simplify both sides of the equation)

5x−7+7=8+7 (Add 7 to both sides)

5x=15

5x5

=

15/5

(Divide both sides by 5)

x=3

Step: Substitute 3 for x in y=3x−7:

y=3x−7

y=(3)(3)−7

y=2(Simplify both sides of the equation)

Are Lines DE and GH Congruent?

Answers

Answer:

No

Step-by-step explanation:

This time I did the work on paper lol

Find the equation in slope-intercept form of a line through (2, 4) with slope 0. Oy=2 Ox=2 Oy=4 0 x = 4​

Answers

X=5 because that’s the slope of the question

There are two jars once I contains two red gumballs three green gumballs and one yellow gumball. The other jar contains two blue balloons in three purple balloons. Jeff randomly draws one gumball and then one balloon what is the probability will get one red gumball and one blue balloon

Answers

Answer:

P(1 red gumball and 1 blue balloon) =[tex]\frac{2}{15}[/tex]

Step-by-step explanation:

There are two jars.

One jar has 2  red, 3 green and 1 yellow gumball.So, there are 2+3+1=6 gumballs.

Another jar has 2 blue and 3 purple balloons. Totally there are 2+3=5 balloons.

So,

Probability of drawing 1 red gumball from jar 1 =[tex]\frac{2}{6}[/tex]

Probability of drawing 1 blue balloon =[tex]\frac{2}{5}[/tex]

So, P( 1 red gumball, 1  blue balloon)= [tex]\frac{2}{6} *\frac{2}{5} =\frac{2}{15}[/tex]

A real estate agent is trying to find the average credit score of some of her clients. She compiled the scores in the table below. What is the mean credit score in this group? (Round to the nearest whole point, if applicable. ) 787 615 550 674 784 773 620 720 704 a. 668 b. 784 c. 692 d. 704 Please select the best answer from the choices provided A B C D.

Answers

Answer:

Step-by-step explanation:

First Add the scores.

Score Total = 787 + 615 + 550 + 674 + 784+ 773 + 620 + 720 + 704

Score Total = 6227

Now divide by the number of members of the sum.

Number of members = 9

The average score = Total Score / number of members

The average score = 6227 / 9 = 691.9

The average score = 692 which is C

A trapezoid has sides of length 8 miles, 3 miles, 8 miles, and 5 miles. What is the perimeter?

Answers

Step-by-step explanation:

perimeter= sum of all sides

= 8+3+8+5

=24

Anna, Irina, Avel, and Vlad are going on a road trip. The following table shows an incomplete probability model for who will be driving during any given kilometer.
Person Probability
Anna \dfrac18
8
1

start fraction, 1, divided by, 8, end fraction
Irina \dfrac38
8
3

start fraction, 3, divided by, 8, end fraction
Avel ??question mark
Vlad \dfrac18
8
1

start fraction, 1, divided by, 8, end fraction
What is the probability that Avel will be driving during any given kilometer?
Choose 1 answer:

Answers

Answer:

The answer is 3/8.

Step-by-step explanation:

I watched it on khan academy. im just unsure how to explain it. Lol but im 100% sure it is 3/8. Have a nice day hope this helped! :3

What is a Integers and explain some examples

Answers

An integer is any whole number, no fractions or decimals
Some examples are: 1, 6, -8, -4, 9

A curve has equation y x = + 2 5 y and a line has equation 2 5 x y + = 1.
The curve and the line intersect at the points A and B. Find the coordinates of the mid-point
of the line AB.

Answers

Answer:

Watch DIm

Step-by-step explanation:

Watch dim channel

Search up dim channel

He has 24 subs

Or nearly 24 subs

and please sub him

If the equation is further simplified, which equation for a parabola does it become? x2 = 4py x2 = 2y2 2p2 y2 = 4px y2 = 4py.

Answers

The equation for a parabola does become [tex]\rm x^2=4py[/tex].

What is parabola?

A symmetrical open plane curve formed by the intersection of a cone with a plane parallel to its side. The path of a projectile under the influence of gravity follows a curve of this shape.

Given

The derivation for the equation of a parabola with a vertex at the oriin.

The equation of the parabola can be written as;

[tex]\rm (x)^2 + (y - p)^2 = (0)2 + (y + p)2\\\\x^2 + y^2 - 2py + p^2 = y^2 + 2py + p^2\\\\ x^2= 2py+2py\\ \rm \\x^2=4py[/tex]

Hence, the equation for a parabola does become [tex]\rm x^2=4py[/tex].

To know more about parabola click the link given below.

https://brainly.com/question/3719015

Name the most pythagorean triplets you can

Answers

1. 3, 4, 5

2. 5, 12, 13

3. 7, 24, 25

4. 8, 15, 17

5. 9, 40, 41

6. 11, 60, 61

And so on...

( -6p - 8 ) - ( 2p - 6 ) plz :)

Answers

Answer:

-8p-14

Step-by-step explanation:

vivi is a drummer for a band. she burns 756 calories while drumming for 3 hours. she burns the same number of calories each hour how many calories does vivi burn per hour ​

Answers

Answer:

252 cph

Step-by-step explanation:

756 divide by 3 is 252

Answer:252

Step-by-step explanation:

Amber’s meal costs $14.50 at a local restaurant. The server did their job very well and Philip would like to leave a 20% tip. What amount of money should he leave as a tip?


Answers

Answer:

Total cost is $17.40

Step-by-step explanation:

First..

what is 20%

20/100 = .2 or calculator

Then

Add. .20 ×14.50

you will get 2.9

Final

Add 2.9 + $14.50

= $17.40

Anyone can figure this out

Answers

Answer:

... there's nothing there. you forgot to attach something i believe

Step-by-step explanation:

In the number 7^3, what is the base?

Answers

Answer:

base -7(exponent is 3)

Step-by-step explanation:

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