A community for students.

Here's the question you clicked on:

55 members online
  • 0 replying
  • 0 viewing

anonymous

  • one year ago

Can someone help me with 5 questions?

  • This Question is Closed
  1. anonymous
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    I can try.

  2. anonymous
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    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

  3. anonymous
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    I think its A.

  4. anonymous
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    Let me work it give me a min . ^^

  5. anonymous
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    A seems to be right.

  6. anonymous
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    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?

  7. anonymous
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    I don't know the answer for this.

  8. anonymous
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    I'm work it one moment,.

  9. anonymous
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

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

  10. anonymous
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    |dw:1432946642317:dw|

  11. anonymous
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

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

  12. anonymous
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    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

  13. anonymous
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    I think its A.

  14. anonymous
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    Or B

  15. anonymous
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    A appears to be right.

  16. anonymous
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

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

  17. anonymous
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    i don't know this one either

  18. anonymous
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

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

  19. anonymous
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    its okay

  20. anonymous
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    Thank you!

  21. anonymous
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    No problem and Great luck in your studies ^^.

  22. amistre64
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 1

    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.

  23. anonymous
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    what is the answer though?

  24. amistre64
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 1

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

  25. anonymous
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    what would the p stand for?

  26. amistre64
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 1

    payment, what is the difference in their monthly payments?

  27. anonymous
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    i dont get it

  28. amistre64
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 1

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

  29. amistre64
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 1

    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

  30. amistre64
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 1

    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

  31. anonymous
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    is that one for question 2?

  32. amistre64
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 1

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

  33. anonymous
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    About 19 years

  34. amistre64
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 1

    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

  35. amistre64
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 1

    yeah, long time :)

  36. amistre64
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 1

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

  37. amistre64
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 1

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

  38. amistre64
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 1

    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.

  39. anonymous
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    are we still on 2

  40. amistre64
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 1

    yes, i havent indicated otherwise.

  41. amistre64
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 1

    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)

  42. amistre64
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 1

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

  43. amistre64
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 1

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

  44. anonymous
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

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

  45. amistre64
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 1

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

  46. anonymous
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    i modified

  47. amistre64
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 1

    good luck :)

  48. anonymous
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    thank you

  49. amistre64
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 1

    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.

  50. Not the answer you are looking for?
    Search for more explanations.

    • Attachments:

Ask your own question

Sign Up
Find more explanations on OpenStudy
Privacy Policy

Your question is ready. Sign up for free to start getting answers.

spraguer (Moderator)
5 → View Detailed Profile

is replying to Can someone tell me what button the professor is hitting...

23

  • Teamwork 19 Teammate
  • Problem Solving 19 Hero
  • You have blocked this person.
  • ✔ You're a fan Checking fan status...

Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.

This is the testimonial you wrote.
You haven't written a testimonial for Owlfred.