The following loan is discounted. Find (a) the discount, (b) the amount of money received, and (c) the true interest rate. P=$13,300.0, r=3 1/2%, t=4 years

Answers

Answer 1

a) The discount on the loan is $1,862.

b) The amount of money the borrower received on the discount loan is $11,438.

c) The true interest rate paid on the discounted loan is 4.1%.

What is a discount loan?

A discount loan is a type of loan in which the interest (cost of borrowing) is deducted upfront or at the time the loan is granted.

The implication of getting a discount loan is that the amount received is less than the principal amount because the grantor has reduced it by interest and other fees (finance charges).

The principal = $13,300

Discount rate = 3¹/₂%

Time = 4 years

Discount = $1,862 ($13,300 x 3.5% x 4)

Amount received = $11,438 ($13,300 - $1,862)

Real interest rate = 4.1% ($1,862/$11,438 x 100)/4

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Related Questions

Use properties to rewrite the given equation. Which equations have the same solution as 2.3p – 10.1 = 6.5p – 4 – 0.01p? Select two options.

Answers

Two equations that have the same solution as the given equation are;

2.3. p - 10.1 = 6.49. p - 4

230.p - 1010 = 650.p - 400 - p

The correct options are B and C.

How to explain the equation?

The given equation is; 2.3·p - 10.1 = 6.5·p - 4 - 0.01·p

Simplifying the above equation by collecting like terms gives;

2.3·p - 10.1 = 6.5·p - 0.01·p - 4 = 6.49·p - 4

2.3·p - 10.1 = 6.49·p - 4

Both sides of an equation will remain equal, when both sides are multiplied by the same amount.

Multiplying both sides of the original equation by 100 gives the same solution as follows;

100 × (2.3·p - 10.1) = 100 × (6.5·p - 4 - 0.01·p)

230·p - 1010 = 650·p - 400 - p

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Use properties to rewrite the given equation. Which equations have the same solution as 2.3p – 10.1 = 6.5p – 4 – 0.01p? Select two options. 2.3p – 10.1 = 6.4p – 4 2.3p – 10.1 = 6.49p – 4 230p – 1010 = 650p – 400 – p 23p – 101 = 65p – 40 – p 2.3p – 14.1 = 6.4p – 4

Suppose that the annual amount of rainfall (in million tons) accumulated in a lake follows a gamma distribution with alpha = 3 and gamma = 5.
a) Find the expected annual rainfall accumulated in this lake.
b) Find the standard deviation of the annual amount of rainfall in this lake.
c) Find P(X < 4), use R.
d) Find P(2 < X < 5), use R

Answers

a) The expected annual rainfall is 15 million tons.

b) The standard deviation is the square root is 15 million tons.

c) Pgamma(4, shape = 3, scale = 5)

d) Pgamma(5, shape = 3, scale = 5) - Pgamma(2, shape = 3, scale = 5)

Gamma Distribution Probabilities

a) The expected annual rainfall accumulated in this lake is given by the mean of the gamma distribution, which is alpha * gamma. In this case, the expected annual rainfall is 3 * 5 = 15 million tons.

b) The standard deviation of the annual amount of rainfall in this lake is given by the square root of the variance, which is the square root of alpha * gamma². In this case, the standard deviation is the square root of 3 * 5² = 15 million tons.

c) To find P(X < 4), we can use the cumulative distribution function (CDF) of the gamma distribution. In R, we can use the pgamma() function to find the CDF of the gamma distribution at a given value.

pgamma(4, shape = 3, scale = 5)

This will return the probability that X is less than 4, which is the cumulative probability.

d) To find P(2 < X < 5), we can use the cumulative distribution function (CDF) of the gamma distribution. In R, we can use the pgamma() function to find the CDF of the gamma distribution at a given value.

pgamma(5, shape = 3, scale = 5) - pgamma(2, shape = 3, scale = 5)

This will return the probability that X is between 2 and 5, which is the cumulative probability.

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Show that the following number is rational by writing it as a ratio of two integers. 52.4726172617261... Enter a fraction.

Answers

The following number is rational by writing it as a ratio of two integers. 52.4726172617261... = 52497370/999900.

In mathematics, any number that can be written as p/q where q ≠0 is considered a rational number. Additionally, every fraction that has an integer denominator and numerator and a denominator that is not zero falls into the category of rational numbers. The outcome of dividing a rational number, or fraction, will be a decimal number, either a terminating decimal or a repeating decimal.

The following number is rational by writing it as a ratio of two integers. 52.4726172617261...

let 52.4726172617261...=x

100x=5247.26172617.....

100x=5247+0.2617+0.00002617+....

S0, 0.2617+0.00002617+... is a geometric series,

[tex]S=\frac{a}{(r-1)}\\\\a=0.2617,r=0.0001\\\\s=\frac{0.2617}{0.9999}\\\\S=\frac{2617}{9999}\\\\now,\\100x=5247+\frac{2617}{9999}\\100x=\frac{52,467,370}{9999}\\\\x=\frac{52467370}{999900}[/tex]

So, 52.472617...can be written by x.

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3/4÷3/8 write a sentence to describe your answer

Answers

Answer:

We multiply 3/4 with the reciprocal of 3/8 which is 8/3. This leaves us with 3/4x8/3 which equals 24/12. This can be simplified into 2.

Kareem makes muffins using a ratio of 3.5 cups of flour for every 1.75 cups of sugar.

If he has 3.5 cups of sugar, how much flour does he need to make the muffins?

Answers

Answer:

3.5 cups of sugar / 1.75 cups of sugar = 2

3.5 x 2 = 7 cups of flour

Kareem needs 7 cups of flour to make muffins.

Angela observes that a drone is flying horizontally at a constant height of 5m above the ground. If the drone is flying in the opposite direction from Angela's location at a speed of 1m/s determine the rate at which the angle of elevation (theta) decreases at the moment when (theta)=pi/6

Answers

The rate of change of the angle of elevation is approximately - 2.597 degrees per second (-0.045 radians per second). (Correct choice: C)

How to determine the rate of change of the angle of elevation

In this problem we find the case of a drone that travels horizontally, at constant height (h), in meters. The rate of change of the angle of elevation (θ'), in degrees per second, can be found from trigonometric functions and derivatives:

tan θ = y / x

Where:

x - Horizontal distance, in meters. y - Vertical distance, in meters.

By derivatives:

sec² θ · θ' = - y · x⁻² · x'

θ' = - (y · x⁻² · x') / sec² θ

Where x' is the speed of the drone, in meters per second.

If we know that y = 5 m, θ = π / 6 and x' = 5 m / s, then the rate of change of the angle of elevation is:

x = y / tan θ

x = (5 m) / tan (π / 6)

x ≈ 2.887 m

θ' = - [(5 m) · (2.887 m)⁻² · (5 m / s)] / sec² (π / 6)

θ' ≈ - 2.597 degrees per second (- 0.045 radians per second)

Note - Please notice that negative sign indicates that angle is decreasing.

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10) in the game of scrabble, each player begins by drawing 7 tiles from a bag containing 100 tiles. there are 42 vowels, 56 consonants, and 2 blank tiles in the bag. emma chooses her 7 tiles and is surprised to discover that all of them are vowels. we can use a simulation to see if this result is likely to happen by chance. Part A: State the question of interest using the language of probability. (2 points)
Part B: How would you use random digits to imitate one repetition of the process? What variable would you measure? (3 points)
Part C: Use digits from a table of random digits or use a calculator to perform one repetition. Submit the list of random digits and indicate those that represent vowels. (3 points)
Part D: In 500 repetitions of the simulation, there was one time when all seven tiles were vowels. What conclusion can you draw from this result? (2 points) (10 points

Answers

The probability of randomly drawing seven vowels from a bag of 100 tiles consisting of 42 vowels, 56 consonants and 2 blank tiles is low. One time throughout the simulation's 500 iterations, all seven tiles were vowels.

Part A: What is the probability of randomly drawing 7 vowels from a bag of 100 tiles consisting of 42 vowels, 56 consonants and 2 blank tiles?

Part B: To imitate one repetition of the process, you would use a table of random digits or a calculator to randomly generate seven digits, each between 0 and 9. The variable you would measure is the number of vowels drawn.

Part C:

Random Digits: 4, 2, 5, 7, 8, 8, 4

Vowels: 2, 8, 8, 4

Part D: This result suggests that it is possible to randomly draw all vowels in one draw, although it is unlikely.

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The table below shows some values of a function g(x)

Which function represents the relationship shown in the table?

Answers

Answer:

g(x) = 4x - (1/2)

Second choice

Step-by-step explanation:

Using points: (-2, -8.5) and (-1, -4.5)

            y2 - y1      -4.5 - (-8.5)      -4.5 + 8.5        4

slope = -----------  = ---------------  =  --------------- =   --- = 4

             x2 - x1         -1 - (-2)              -1 + 2            1

Answer:

the answer should be g(x) = 4x - (1/2)

Step-by-step explanation:

please help me asap!!!

Answers

The inequality equation for the given graph is option B: y ≤ 1/3x - 4.

What is an inequality?

In Algebra, an inequality is a mathematical statement that uses the inequality symbol to illustrate the relationship between two expressions. An inequality symbol has non-equal expressions on both sides. It indicates that the phrase on the left should be bigger or smaller than the expression on the right, or vice versa.

The given inequality equations are -

y ≥ 1/3x - 4

y ≤ 1/3x - 4

y ≤ 1/3x + 4

y ≥ 1/3x + 4

In a graph of an inequality, the symbols (<,>) are represented using a dotted line and the symbols (≤,≥) are represented using a straight line.

Now, write the inequality in equation form -

y = 1/3x - 4

y = 1/3x + 4

Substituting the values of x and y with origin (0,0) -

0 = 1/3(0) - 4

0 = -4

0 = 1/3(0) + 4

0 = 4

Putting the inequality symbol back -

y ≥ -4

This statement is false as seen in the graph.

y ≤ -4

This statement is true as seen in the graph.

y ≤ 4

This statement is false as seen in the graph.

y ≥ 4

This statement is false as seen in the graph.

Therefore, the equation for the graph is y ≤ 1/3x - 4.

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Is this correct???????

Answers

Yes, you are correct. The area of that triangle should be 5 yd^2. Contact your instructor with a screenshot of the work you did to complete that problem along with the problem. Hopefully you can get that fixed. Best of luck!

evaluate the expression when x=20 and y=4.​

Answers

Answer: where is the expression

Step-by-step explanation:

ach ant has 6 legs. How many legs do 3 ants have?
Ants 1 2 3
Legs 6 ?

Answers

Answer:

Step-by-step explanation:

the answer is 18 I think?

Answer:

18

Step-by-step explanation:

6 (legs) x 3 (ants) = 18 legs

It can also be represented as 6+6+6 (18)

hope this helps :)

The graph above shows the cost of parking at the airport. Jay left on a business trip and had to leave his car at the airport for 5 days. Based on the graph, what is the total cost that he paid for the parking?
A.
$33.50
B.
$31.00
C.
$26.00
D.
$20.00

Answers

The total cost that he paid for the parking for 5 days is $26.00.

What is a linear equation?

When an algebraic equation is graphed, it always results in a straight line since each term in a linear equation has an exponent of 1. For this reason, it is referred to as a "linear equation."

There are both one-variable and two-variable linear equations.

The graph above shows the cost of parking at the airport,

since the graph is a straight line so it is the condition for a linear equation,

from the graph, the y-axis shows the price in dollars and the x-axis shows the number of days,

line of the graph passes from coordinates (0, 6) and (6, 30)

equation of line is y = mx + c

where c is initial cost when x is 0, y is 6

c = 6

and m = (y₂- y₁)/(x₂ - x₁)

m = (30 - 6)/(6 - 0)

m = 4

equation of line is,

y = 4x + 6

cost for 5 days,

x = 5

y = 4(5) + 6

y = 26

cost is $26.00

Hence cost for 5 days is $26.00, option C is correct.

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given a and b in exercises 11 and 12, write the augmented matrix for the linear system that corresponds to the matrix equation Ax = b. Then solve the system and write the solution as a vector. A= |1 2 4| | -2 |
|0 1 4| b= | 2 |
|-2 -4 -3| | 9 |

|1 2 1| | 0 |
A= |-3 -1 2| b= | 1 |
|0 5 3| | -1 |

Answers

The augmented matrix for the linear system corresponding to the matrix equation Ax = b is |1 2 4 0| |-2 2 9| |0 1 4 1| |2 -1| |-2 -4 -3 -1| |9 -1|. Solving the system yields the solution vector (x, y, z) = (5, -1, 4).

The augmented matrix for the linear system Ax = b is a way of combining the two matrices into one matrix. In this case, it is the combination of the coefficient matrix A and the constant matrix b. This new matrix contains all of the information needed to solve the linear system, as it contains both the coefficients of the variables and the solutions of the equations. We can solve the linear system by performing row operations to the augmented matrix, which is equivalent to solving the equations in the original matrix equation. After performing the row operations, we will be left with the solution vector (x, y, z) = (5, -1, 4). This solution vector represents the values of the variables that satisfy the original equation.

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Please help with geometry questions 2, 4, 9 and 10!! Thank you

Answers

The answers to all the parts is mentioned above.

What are algebraic expressions?In mathematics, an expression or mathematical expression is a finite combination of symbols that is well-formed according to rules that depend on the context.Mathematical symbols can designate numbers (constants), variables, operations, functions, brackets, punctuation, and grouping to help determine order of operations and other aspects of logical syntax.

Given are the geometrical figures as shown.

{ 9 } -

We can write the proportional relationship {since both triangles are similar} as -

5/8 = x/10

{x} = 50/8

{x] = 6.25

{ 10 } -

We can write the proportional relationship {since both triangles are similar} as -

x/20 = 10/16

{x} = 200/16

{x} = 12.5

TY = 20 - 12.5

TY = 7.5

Therefore, the answers to all the parts is mentioned above.

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fill in the blank. let where is an integer greater than___. compute the number of values of for which the sum of the squares of the digits of is at most .

Answers

Let where is an integer greater than 9. compute the number of values of for which the sum of the squares of the digits of is at most 25.

The question asks us to count the number of values of for which the sum of the squares of the digits of is at most 25. To solve this problem, we can use a loop to iterate through all possible values of starting from 9 and up. For each value of , we can then calculate the sum of the squares of the digits of by using modulo and division operations to extract each digit and square it. If the sum of the squares of the digits of is at most 25, we can add 1 to the count of values. After the loop completes, we will have the total number of values of for which the sum of the squares of the digits of is at most 25.

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The scatter plot below shows the population of a village (P) over time (t). Describe the relationship between the population of the village and time.
A. The population is decreasing over time.
B. The population is increasing over time.
C. The population remains roughly the same.
D. None of these

Answers

The correct option regarding the relationship between the population of the village and time is given as follows:

A. The population is decreasing over time.

How to describe the relationship?

The variables of the scatter plot are given as follows:

Input variable: time t.Output variable: Population p.

From the points on the scatter plot, we have that when the value of t increases, the value of P decreases.

This means that the scatter plot shows a decreasing relationship, and thus the correct option is given by option A.

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Mr. Abad's class is composed of 28 boys and 35 girls. If he is going to make groups of boys and groups of girls for the activities, what is the biggest number of children in the group if they are of the same number?
what is asked?
what is given?
word clue?
complete answers? ​

Answers

The biggest number of children in the group would be 14 boys and 14 girls.

What is mean by basic division?

Basic division is an arithmetic operation that involves two numbers. It is used to find out how many times one number can be divided into another. It is sometimes referred to as division or division by a divisor.

Division is the inverse operation of multiplication. This means that division is the opposite of multiplication. When a number is multiplied by another number, the result is the product of the two numbers. When a number is divided by another number, the result is the quotient of the two numbers.

The process of division involves finding the number of times that one number can be divided into another. Division is performed by dividing the dividend (the number being divided) by the divisor (the number that divides the dividend). The result of the division is the quotient.

Division can be done using a variety of methods. Long division is a traditional method of division, often taught to students in elementary school. It involves breaking down each number into individual digits and then dividing them one at a time.

Another type of division is short division, which is a simpler and faster method of division that can be done in one step. Short division can be used when the divisor is a single-digit number.

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Please help me

Use the converse of the Pythagorean theorem to decide whether ΔABC is a right triangle by answering the questions.

1. Use the Pythagorean theorem to find AD. Show your work. (3 points)

2. Find AC. Show your work. (3 points)

3. Is ΔABC a right triangle? Explain. (4 points)

Answers

Using Pythagorean theorem, AD = 9 units and AC = 25 units.

ΔABC is a right triangle.

How to use the Pythagorean theorem to find AD?

The Pythagorean theorem states that in a right triangle, the square of the length of the hypotenuse (the side opposite the right angle) is equal to the sum of the squares of the lengths of the other two sides.

Using Pythagorean theorem:

AB² = AD² + BD²

AD = √(AB² - BD²)

AD = √(15² - 12²)

AD = 9 units

AC = AD + CD

AC = 9 + 16 = 25 units

For ΔABC:

The hypotenuse is AC = 25.

Using  Pythagorean theorem to confirm if ΔABC a right triangle. That is:

AC² = BC² + AB²

25² = 20² + 15²

625 = 625

Since the square of the length of the hypotenuse is equal to the sum of the squares of the lengths of the other two sides. Therefore, ΔABC is a right triangle.

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Marisol spent 34.5 hours on her science project. She worked 1.5 hours each day on her project. How many days did Marisol work on her science project?

Answers

Answer:

23

Step-by-step explanation:

just divide 34.5 and 1.5 that gives you the ammount of days she worked on her project

The number of flaws per square yard in a type of carpet material varies with mean flaws per square yard and standard deviation flaws per square yard.
a. Without doing any calculations, explain which event is more likely:
randomly selecting a
square yard of material and finding 2 or more flaws
randomly selecting square yards of material and finding an average of or more flaws
b. Explain why you cannot use a Normal distribution to calculate the probability of the first event in part (a).
c. Calculate the probability of the second event in part (a)

Answers

a. It is more likely to randomly select square yards of material and finding an average of or more flaws.

b. Normal distribution assumes that the data is continuous and symmetric, but in this case, the number of flaws per square yard is a count data, and it is not symmetric. Therefore, a normal distribution cannot be used to calculate the probability of the first event in part (a).

c. To calculate the probability of the second event in part (a), we would need the mean and standard deviation of the number of flaws per square yard, as well as the specific threshold of "or more flaws" to calculate the area under the curve that is greater than or equal to that threshold. Without that information, I cannot provide an accurate probability calculation.

Carpet Flaw Probability Calculation

I determined that it was not possible to calculate the probability of the second event in part (a) without the specific mean and standard deviation of the number of flaws per square yard and the specific threshold of "or more flaws." This is because in order to calculate the probability of an event, you need to know the underlying distribution of the data and the specific cut-off point for the event in question.

In the other part of the question, I stated that it is more likely to randomly select square yards of material and finding an average of or more flaws than it is to randomly select a square yard of material and finding 2 or more flaws.

I came to this conclusion without any calculations because in general, when you are looking for a specific number of flaws (in this case, 2 or more flaws) in a single square yard, it is typically less likely than finding an average of that number of flaws when you look at multiple square yards. This is because the number of flaws per square yard can vary, so even if the average is 2 or more flaws per square yard, it is still possible to find square yards with fewer than 2 flaws.

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Look at the problem in example. Rolando also adds money to his subway fare card.
How much does Rolando pay for 20 rides? Show your work.

Answers

Answer:

Rolando pays $63 for 20 rides

Step-by-step explanation:

this was the question right???

Lmkkkkkkkkkkkkkkkkkk

Answers

Let x be the number of $1 bills and y be the number of $10 bills.

We know that:

x + y = 59 (the total number of bills)

x + 10y = 239 (the total monetary value of the bills)

We can use the first equation to solve for one of the variables in terms of the other. For example:

x = 59 - y

We can substitute this expression for x into the second equation:

(59 - y) + 10y = 239

59 + 9y = 239

9y = 180

y = 20 (the number of $10 bills)

We can use this value of y to find the number of $1 bills by substituting it back into the first equation:

x + y = 59

x + 20 = 59

x = 39 (the number of $1 bills)

Therefore, the motel clerk has 39 $1 bills and 20 $10 bills.

The movement of the progress bar may be uneven because questions can be worth more or less (including zero) depending on your answer.
Three polynomials are factored below, but some coefficients and constants are missing. All of the missing values of a, b, c, and
d are integers.
1. x² - 8x + 15 = (ax + b)(cx + d)
2. 2x³ - 8x² - 24x = 2x(ax + b)(cx + d)
3.6x² + 14x + 4 = (ax + b)(cx + d)
Fill in the table with the missing values of a, b, c, and d.
b
a
1. 1
2. 1
3.
Submit
Pass
-5
1
C
1
2
d
Question ID: 504360
-6
Save an
150

Answers

The factorization of three polynomials (x2 - 8x + 15) = (ax + b)(cx + d) is (x-5) (x-3)

Explain about the equation?

An equation is a mathematical statement that proves two mathematical expressions are equal in algebra, and this is how it is most commonly used. In the equation 3x + 5 = 14, for instance, the two expressions 3x + 5 and 14 are separated by the symbol "equal."

A mathematical equation is a statement with two equal sides and an equal sign in between. An equation is, for instance, 4 + 6 = 10. Both 4 + 6 and 10 can be seen on the left and right sides of the equal sign, respectively.

The general equation of a straight line is given by the expression y = mx + c, where m is the gradient and y = c is the point at which the line intersects the y-axis.

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rogress: The movement of the progress bar may be uneven because questions can be worth more or less (including zero) depending on your answer A motor oil retailer needs to fill 50 one quart bottles, and he has two tanks: one that contains 12 gallons of oil and one that contains 2 gallons of oil. Which will he need to fill the bottles? The 2 gallon tank is enough. He will need both tanks. The 2 gallon tank is not enough, but the 12 gallon tank is enough. Question ID: 53297 Even both tanks will not be enough.​

Answers

The motor oil dealer will have to use both tanks since he needs 15 gallons of oil but will still be short by one gallons.

Find the solution ?

The motor oil dealer will have to use both tanks since he needs 15 gallons of oil but will still be short by one gallons.

A motor oil store has two tanks: one holds 12 gallons of oil, and the other holds 2 gallons of oil. In order to determine which tank will require to fill the bottles, the following computation must be done:

Quarts to gallons is 4 to 1.

1/4 x 60 = X

60/4 = X

15 = X

Since the motor oil vendor requires 15 gallons of oil, he must use both tanks but will still be short by 1 gallons

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If f ( x ) = 2 x 2 and g ( x ) = x - 4 2 x , determine the values of the following operations:

( f g ) ( 3 )
( f - g ) ( 4 )
f g ( 2 )
( f + g ) ( 1 )

The largest value of all four operations is

Answers

The largest value of all four operations is 54

How do you determine the largest number?

In order to determine the largest value of all the four operations, one needs to plug in the values into the different operations given and then generate their values. By so doing, the following deductions are made:

(f * g)(3) = 2 * (3^2) * (3 - 4 * (2 * 3)) = 54

(f - g)(4) = 2 * (4^2) - (4 - 4 * (2 * 4)) = 40

f(g(2)) = 2 * (2^2) = 8

(f + g)(1) = 2 * (1^2) + (1 - 4 * (2 * 1)) = -3

So, the largest value of all four operations is 54. Therefore, the correct answer is as given above

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the lengths of the legs of a right triangle are 7 in. and 2 in. what is the length of the hypotenuse? enter your answer rounded to the nearest tenth in the box.

Answers

And the answer is 14 in.

Which graph shows the new position of the rectangle after a translation?

Answers

The graph that shows the new position of the rectangle after a translation is; Option C

How to interpret Translation in Transformation?

When it comes to transformation in mathematics, there are different types such as reflection, dilation, rotation, translation.

Now, we are dealing with translation which is defined as a transformation of a shape in a plane that preserves the length, which tells us that the object is transformed without getting its dimensions affected.

In this case, we see the rectangle in the graph and we can conclude that the translation of the rectangle shows the correct translation would be the second option because it shows that the length is preserved without getting its dimensions or shape altered.

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Problem Gregory forms two different numbers with the digits 1, 2, 3, 4, 5, and 6. Both numbers have 3 digits, and each digit is used only once. If he adds these two numbers, what is the greatest sum Gregory can get? Show your work.​

Answers

The greatest sum that Gregory can get is given as follows:

1173.

How to obtain the greatest sum?

When two three digit numbers are added, the numbers in the equivalent positions are added with each other, that is, the third digit is added with the third digit, the second with the second and the third with the third.

Hence the greatest sum would be obtained as follows:

The first digits would be of 5 and 6.The second digits would be of 3 and 4.The third digits would be of 1 and 2.

Hence the sum would be given as follows:

642 + 531 = 1173.

More can be learned about the addition between two amounts at https://brainly.com/question/25421984

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When Boris bought his house, he got his mortgage through a bank. The mortgage was a personal, amortized loan for 91500, at an interest rate of 3.3% , with monthly payments for a term of 40 years.

Answers

Answer: As the loan is amortized, Boris will make a series of equal payments each month for the duration of the loan, with each payment comprising of both interest and principal. The amount of interest in each payment will decrease over time, while the amount of principal in each payment will increase.

To calculate the monthly payments, we can use the formula:

M = P [ i(1 + i)^n ] / [ (1 + i)^n - 1]

Where:

M = monthly payment

P = the principal or the loan amount = 91500

i = interest rate as a decimal = 3.3%/12 = 0.00275

n = total number of payments = 40 years x 12 months/year = 480

By substituting the values in the formula:

M = 91500 [ 0.00275 (1 + 0.00275)^480 ] / [ (1 + 0.00275)^480 - 1]

M = $439.65

So the monthly payment that Boris will make is $439.65. This amount will stay the same throughout the loan term, but the proportion of interest to principal in each payment will change as the loan is amortized.

Step-by-step explanation:

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