Nathan Reynolds bought a car for $15,000. He made a down payment of $3,000. Nathan secured a loan for the balance of the purchase price at 8 percent interest for four years.
determine the monthly payment and total interest

Answers

Answer 1

Answer:

1) The monthly payment is approximately $292.96

2) The total interest is approximately $2,061.84

Step-by-step explanation:

1) The financing method Nathan Reynolds applied to buy the car is given as follows;

The purchase price of the car = $15,000

The down payment made for the car = $3,000

The

The interest on the loan he took for the balance of the purchase price, R = 8%

The number of years for which he took the loan, n = 4 years = 48 months

We have;

The balance of the purchase price = (The purchase price of the car) - (The down payment made for the car)

∴ The balance of the purchase price = $15,000 - $3,000 = $12,000

The balance of the purchase price = $12,000 = The loan Nathan secured

The monthly payment on a loan is given by the following formula

[tex]A = P \times \dfrac{r \cdot (1 + r)^n}{(1 + r)^n - 1}[/tex]

Where;

A = The payment amount made  monthly

P = The principal or loan amount = $12,000

r = The interest rate divided by 12 = R/12 = 8/12 = 2/3

n = The number of months the monthly payment will be made = 48 months

By plugging in the variable values, we get;

[tex]A = 12,000 \times \dfrac{\dfrac{2}{300} \times \left (1 + \dfrac{2}{300} \right ) ^{48}}{ \left (1 + \dfrac{2}{300} \right )^{48} - 1} = 292.955068099 \approx 292.96[/tex]

Therefore, the payment amount made  monthly, A ≈ $292.96

2) The total payment made in the 48 months = A × 48 = 292.955068099 × 48 ≈ 14,061.84

The total payment made in the 48 months ≈ $14,061.84

The total interest = (The total payment made in the 48 months) - (The loan amount)

∴ The total interest = $14,061.84 - $12,000 ≈ $2,061.84


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An ordinary dice is rolled. What is the probability that the number
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Answers

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C)1/2

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Step by Step Explanation:

An ordinary die has numbers from 1 to 6

Number of dots on the face = number that face represent

Dots on face can be 1 , 2 , 3 , 4 , 5 , 6

1. Number of 3 Dots

Probaility = 1/6

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3 . An even number = 2 , 4 , 6

Probability = 3/6 = 1/2

4 7 Dots not possible Hence

Probability = 0

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Step-by-step explanation:

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Answers

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Step-by-step explanation:

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ojala te ayude friend :-}

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Answers

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Step-by-step explanation:

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Answers

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Answers

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b

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(__, 8)​

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Answers

Answer:

A closed box is to be made in the shape of a cuboid of height h (in cm) with a rectangular base that has sides of length x (in cm) and 2x (in cm). Its volume is required to be `1000 cm^3

The height of the shipping box is 15 inches.

What is volume of rectangular prism?

The volume of a rectangular prism: length x width x height. The volume is expressed in cubic units.

given:

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