Question

Can someone help me with 5 questions?

Answer 1

I can try.

Answer 2

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

Answer 3

I think its A.

Answer 4

Let me work it give me a min . ^^

Answer 5

A seems to be right.

Answer 6

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?

Answer 7

I don't know the answer for this.

Answer 8

I'm work it one moment,.

Answer 9

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

Answer 10

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

Answer 11

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

Answer 12

I think its A.

Answer 13

Or B

Answer 14

A appears to be right.

Answer 15

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

Answer 16

i don't know this one either

Answer 17

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

Answer 18

its okay

Answer 19

Thank you!

Answer 20

No problem and Great luck in your studies ^^.

Answer 21

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.

Answer 22

what is the answer though?

Answer 23

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

Answer 24

what would the p stand for?

Answer 25

payment, what is the difference in their monthly payments?

Answer 26

i dont get it

Answer 27

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

what are the payments?

Answer 28

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

Answer 29

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

Answer 30

is that one for question 2?

Answer 31

thats what i worked out for 2 yes.

how long is 236 months?

Answer 32

About 19 years

Answer 33

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

Answer 34

yeah, long time :)

Answer 35

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

Answer 36

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

Answer 37

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.

Answer 38

are we still on 2

Answer 39

yes, i havent indicated otherwise.

Answer 40

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)

Answer 41

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

Answer 42

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

Answer 43

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

Answer 44

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

Answer 45

i modified

Answer 46

good luck :)

Answer 47

thank you

Answer 48

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.