Can someone help me with 5 questions?

- anonymous

Can someone help me with 5 questions?

- Stacey Warren - Expert brainly.com

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- katieb

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- anonymous

I can try.

- anonymous

Megan and Tina each have loans for $7000 with a 3-year loan term. Megan pays 6% interest and Tina pays 4% interest. If Megan’s monthly payment is $213 and Tina’s monthly payment is $207,
how much more in interest will Megan pay than Tina?
A.
$213
B.
$216
C.
$452
D.
$668

- anonymous

I think its A.

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## More answers

- anonymous

Let me work it give me a min . ^^

- anonymous

A seems to be right.

- anonymous

What is the total cost to repay a credit card loan with a balance of $25,000, an APR of 15%, and a minimum monthly payment of $330?

- anonymous

I don't know the answer for this.

- anonymous

I'm work it one moment,.

- anonymous

I want you to get this so to cal. total cost to want to change the APR rate percentage to a decimal.

- anonymous

|dw:1432946642317:dw|

- anonymous

next you add that to 25k. and you get 28750

- anonymous

Josh and Michael each have a loan for $6200 with a 4% interest rate. Josh has a monthly payment of $183, and Michael has a monthly payment of $114. How much more in interest will Michael pay if his loan term is 5 years and Josh’s loan term is 3 years?
A.
$114
B.
$183
C.
$252
D.
$388

- anonymous

I think its A.

- anonymous

Or B

- anonymous

A appears to be right.

- anonymous

On an easy-access loan for $1500, what is the total cost to repay the loan in 30 days with a 22% monthly fee?

- anonymous

i don't know this one either

- anonymous

@amistre64 I will ask him to double check everything and help you further, I have to go >< sorry

- anonymous

its okay

- anonymous

Thank you!

- anonymous

No problem and Great luck in your studies ^^.

- amistre64

total cost = total payment = loan + interest
therefore interest = total payments - loan
36(p1) - L = int1
36(p2) - L = int2
int1 - int2 is the difference in interest:
(36(p1)- L) - (36(p2)- L)
36(p1) - 36(p2)
36(p1-p2)
the difference in interest is simply the difference in payment over the 3 years.

- anonymous

what is the answer though?

- amistre64

im not going to add and multiply for you ....

- anonymous

what would the p stand for?

- amistre64

payment, what is the difference in their monthly payments?

- anonymous

i dont get it

- amistre64

you dont get what? the difference in the payments? this is starting at your first question.
what are the payments?

- amistre64

question 2 i disagree with as well.
assume you have a bank loan of 25000 and are making payments of 330 a month, how long dies it take to pay off the loan?
Bk^n = P(k^n-1)/(k-1)
B(k-1) k^n = Pk^n -P
P = Pk^n -B(k-1) k^n
P = k^n(P -B(k-1))
P/(P -B(k-1)) = k^n
log(P/(P -B(k-1))) = n log(k)
log(P/(P -B(k-1)))/log(k) = n

- amistre64

http://www.wolframalpha.com/input/?i=log%28330%2F%28330+-25000%28%281%2B.15%2F12%29-1%29%29%29%2Flog%28%281%2B.15%2F12%29%29
itll take about 236 payments to pay off. and a tad more

- anonymous

is that one for question 2?

- amistre64

thats what i worked out for 2 yes.
how long is 236 months?

- anonymous

About 19 years

- amistre64

http://www.wolframalpha.com/input/?i=25000k%5E%28236%29-330%28k%5E%28236%29-1%29%2F%28k-1%29%2C+k%3D1%2B.15%2F12
see, when n= 236 we have just a tad bit left to go, and if n=237 we are negative ... so the last payment is the compounding of the 236th

- amistre64

yeah, long time :)

- amistre64

236 payments, plus 136.32(1+.15/12) should do it

- amistre64

about 78 018, which is a far cry from 28 750

- amistre64

all that was to determine how long it would take to payoff the amount. I tend to use my own formula that makes much more sense to me.

- anonymous

are we still on 2

- amistre64

yes, i havent indicated otherwise.

- amistre64

Josh and Michael each have a loan for $6200 with a 4% interest rate. Josh has a monthly payment of $183, and Michael has a monthly payment of $114. How much more in interest will Michael pay if his loan term is 5 years and Josh’s loan term is 3 years?
this is like the first, except for different time spans as well
5*12*p1 - L = int1
3*12*p2 - L = int2
int1 - int2 = 5*12*p1 - 3*12*p2
12(5p1 - 3p2)

- amistre64

i do not get A ... therefore i cant agree with any of the solutions that were presented

- amistre64

so, where do you want to start the study with?

- anonymous

I finished.. Thank you very much!!!!

- amistre64

ok, did you modify your choices any? or just went with what you had?

- anonymous

i modified

- amistre64

good luck :)

- anonymous

thank you

- amistre64

1) 207 and 213 a difference of 6; 36(6) is 216
2) finding n was critical, the nP + the compounded remains is about 78018
3) 60 payments of 114 - 36 payments of 183
60(114) - 36(183) = 252
those would have been my choices.

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