Can someone help me with 5 questions?

- anonymous

Can someone help me with 5 questions?

- schrodinger

See more answers at brainly.com

At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident, similique sunt in culpa qui officia deserunt mollitia animi, id est laborum et dolorum fuga.
Et harum quidem rerum facilis est et expedita distinctio. Nam libero tempore, cum soluta nobis est eligendi optio cumque nihil impedit quo minus id quod maxime placeat facere possimus, omnis voluptas assumenda est, omnis dolor repellendus.
Itaque earum rerum hic tenetur a sapiente delectus, ut aut reiciendis voluptatibus maiores alias consequatur aut perferendis doloribus asperiores repellat.

Get this expert

answer on brainly

SEE EXPERT ANSWER

Get your **free** account and access **expert** answers to this

and **thousands** of other questions

- 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.

Looking for something else?

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

## 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.

Looking for something else?

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