To pay for a home improvement project that totals $16,000, Genesis is choosing between taking out a simple interest bank loan at 8% for 3 years or paying with a credit card that compounds monthly at an annual rate of 15% for 7 years. Which plan would give Genesis the lowest monthly payment?

The monthly credit card payment would be $511.11, which is lower than the monthly payment on the bank loan.

The monthly payment on a bank loan would be $480, which is lower than the monthly credit card payment.

The monthly payment on a bank loan would be $551.11, which is lower than the monthly credit card payment.

The monthly credit card payment would be $540.78, which is lower than the monthly payment on the bank loan.

Answers

Answer 1

The monthly credit card payment would be $540.78, which is lower than the monthly payment on the bank loan.

What is simple interest?

Simple interest is based on the principal amount of a loan or the first deposit in a savings account. Simple interest doesn't compound, which means a creditor will only pay interest on the principal amount and a borrower would never have to pay more interest on the previously accumulated interest.

The simple interest earned can be calculated by using this formula

A = P(1 + rt)

Where,

A is the future value.

P is the principal value.

r is the interest rate.

t is the time.

Now Substituting the values into the formula, we have,

A = 16,000[1 + (0.08 × 3)]

A = 16,000[1 + 0.24]

A = 16,000× 1.24

Future value, A = $19,840.

Following that, we will compute the monthly payment over a 36-month period as follows:

Monthly payment = Future value/Time

Monthly payment = 19,840/36

Monthly payment = $551.11

Similarly, we will compute the credit card's compound interest:

A = 16000[1 + (0.15/12)]⁽¹² ˣ ⁷⁾

A = 16000[1 + 0.025]⁸⁴

A = 16000× 1.025⁸⁴

A = 9000 × 3.49258954

Future value, A = $45425.80

Following that, we will compute the monthly payment over an 84-month period as follows;

Monthly payment = Future value/Time

Monthly payment = 45425.80/84

Monthly payment = $540.78.

Hence, the monthly credit card payment would be $540.78, which is lower than the monthly payment on the bank loan.

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Related Questions

Answer and solution plse :)

Answers

Answer:

there are 8 prime numbers.

Answer:

B) 6

answer is b (6)

7,17,37,67,97,47

How many planes appear in this figure?

Answers

Answer:

5

if the rectangle isn't connected and you count the bottom face, 6

brainliest plz

Answer:

9 figures

Step-by-step explanation:

Brainly please

The data set shows the lengths, in minutes, of different musical performances.
36, 15, 9, 22, 36, 14, 42, 45, 51, 29, 18, 20
What is the interquartile range (IQR) of the data set?

Answers

Answer: It has to be 22.5

Step-by-step explanation: Since this is a quiz, I won't tell you how to solve it, i'll give you some clues. But with what I know is; you have to  find the (Q1) and (Q3) Then see what the difference is between  the quartiles, and that should be your answer.

The interquartile range (IQR) of the data set is 19.

It is required to find the interquartile range (IQR) of the data set.

What is statistics ?

Statistics are defined as numerical data, and is the field of math that deals with the collection, tabulation and interpretation of numerical data. It is the study and manipulation of data, including ways to gather, review, analyze, and draw conclusions from data.

Given:

The date are arranged from ascending order

9,14,15,18,20,22,29,36,36,42,45,51

Now you have one lower half with the numbers 9,14,15,18,20,22 and an upper half with the numbers 36,36,42,45,51.

As you can see in the figure, you have to find the median for these lower and upper halfs, so you have:

[tex]Q_{1} =16\\\\Q_{3} =35\\[/tex]

Now we can find the interquartile range that is:

[tex]IQR=Q_{3} -Q_{1}\\\\IQR=35-16\\\\IQR=19[/tex]

Therefore, the interquartile range (IQR) of the data set is 19.

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What is the slope of a line that passes through the points (-3, 2) and (-6, 5)

Answers

Answer:

3/2

Step-by-step explanation:

Y2-Y1

_____

X2-X1

= 5-2

____

-6-(-3)

=3/2

the slope of the line is -1/3

GUYS I WILL GIVE BRAINLIEST IF U HELP ME PLS

What is the value of |26| - |-4| ?

Answers

Answer:

22

Step-by-step explanation:

26=26

-4=4

26-4=22

What is the y intercept for y=6x+7/2

Answers

7/2


y = mx + b
M is 6
B is 7/2

I don’t remember doing this so can someone please help me!!!

Answers

Answer:

Step-by-step explanation:

10. m-56

11. 4r+3

Subtract the expressions.
(5j-2q+2/5) - (4-3j-1/2q)

Answers

The answer is,

[tex]8j - \frac{3q}{2} - \frac{18}{5} [/tex]

Fill in the blank 5x20=5x2x blank

Answers

Answer:

5×20 = 5×2×_

100 = 10×_

100 = 10 × _10_

ans 10

What is 5/6 plus 7/8?

Answers

Answer:

1  17/24

Step-by-step explanation:

Answer:

41/24 or 1 17/24

Step-by-step explanation:

por cada persona que tiene gripe,hay 6 personas que solamente tienen sintomas de gripe. si un medico ve a 40 pacientes, calcula aproximadamente cuántos pacientes esperas que tengan solamente sintomas de gripe.​

Answers

Ching chang aging sho ghing 40/6

PLEASEEEE HURRYYY
!!!!!!

Michael has a total of 100 problems he needs to solve. After
working from 3:00 PM to 5:00 PM, he only had 40 problems
left to solve.
What was Michael's average rate of solving problems between
3:00 PM to 5:00 PM?
problems/hour
Enter the answer

Answers

Answer:

60 more  problems left

Step-by-step explanation:

100-40=60

The answer is 60. hope this helps

x less than two time x.​

Answers

Answer:

x < 2x

Step-by-step explanation:

C) Graph the equation x = 2.​

Answers

Step-by-step explanation:

debes de checar dónde está la x ya la viste okey ve a donde dice -2 y pon un punto

For the experiment of rolling an ordinary pair of​ dice, find the probability that the sum will be less than 4 or greater than 8.

Answers

Answer:

the probability is 3/6 or 1/2

Step-by-step explanation:

please answer this as soon as possible

Answers

Answer:

Realmente no sé, lo siento muchísimo :(

Estoy tan triste que no puedo ayudar: ((((

Step-by-step explanation:

calculate the area of a circle with a diameter of 3m?

with Solution =​

Answers

Answer:

Area of circle = pie r²

= 3.14 × 2.25

=7.065

Answer: 7.07cm²

Step-by-step explanation: diameter=3

radius=d/2

          =3/2

          =1.5cm

area=πr²

       =22/7 x 1.5 x 1.5

       =22/7 x 2.25

       =99/2 ÷ 7

       =99/2 x 1/7

       =99/14

     

A positive - negative = what?

Answers

A positive - negative = either negative or positive

Step-by-step explanation:

HOPE IT HELPS YOU

Answer:

0

Step-by-step explanation:

+1-1=0 is that the theme of qustion .

Carol bought bananas for $0.50 per pound and 1 pint of strawberries for $2.25. If Carol paid $4.10, how many pounds, p , of bananas did she buy?

Which equation can be used to find p ?


A. .50p+2=4.10

B. .50p+2.25=4.10

C .50+2.25p=3.85

D. 2.75+.25p=4.10

Answers

Answer:

B. .50p+2.25=4.10

Step-by-step explanation:

The equation that need to determine the p is shown below:

Given that the bananas would be bought for $0.50 per pound and 1 pint of strawberries for $2.25

Now the total amount paid by Carol is $4.10

So, the equations would be

0.50p + 2.25 = 4.10

Therefore the option b is correct

PLEASE HELP !! ILL GIVE BRAINLIEST *EXTRA POINTS*..
IM GIVING 40 POINTS !! DONT SKIP :((.

Answers

Answer:

y = x + 12

Step-by-step explanation:

y -16 = 1(x-4)

y -16 = x -4

y =x +12

Answer:

its y = x + 12 I think I hope it helps

Step-by-step explanation:

because

4 + 12= 16

5 + 12 = 17

6 + 12 = 18

7 + 12 = 19

brain size for football players

Answers

At least 3. Have a nice day! :)

3, 4, or 5, I think, but I'm not sure.

Question 3 (2 points) (06.01) What is the value of the expression 24 + 32? (2 points) Blank 1:

Answers

The answer is 56....

hope it helps.

25 would be the answer. Here's what you need to do!! :)
-
-
-
Explanation:

I think you meant [tex]2^{4}[/tex] and [tex]3^{2}[/tex]. With exponents, you don't add the number and the exponent. What you have to do is the first number times itself, and let's use number one as an example. So, since it's four you have to do this.
-
-
[tex]2^4[/tex]= 2 x 2 x 2 x 2= 16

and for problem number two, it's the same thing but different numbers.

[tex]3^{2}[/tex]= 3 x 3 x 3= 9
-
-
now, all you have to do is add [tex]16+9= 25[/tex]

Again, the answer is 25. Hope this helps anybody who's currently working on this!! <3

PLEASE ANSWER FAST!!

Simplify: 12.9 - 2.8 - 7.2 + 9.1
17.6

-6.2

26.4

12

Answers

The answer to this is 12

Answer:

12

Step-by-step explanation:

1 4
. Find the value of discriminant of the quadratic equation 5m? - m = 0
Write down the formula of median​

Answers

Answer:

[tex]D = 1[/tex] --- Determinant

[tex]M = \frac{N+1}{2}th[/tex] --- Median

Step-by-step explanation:

Given

[tex]5m^2 - m = 0[/tex]

Required

Calculate the determinant (D)

This is calculated using

[tex]D = b^2 - 4ac[/tex]

In [tex]5m^2 - m = 0[/tex]

[tex]a = 5[/tex], [tex]b = -1[/tex] and [tex]c = 0[/tex]

So, we have:

[tex]D = b^2 - 4ac[/tex]

[tex]D = (-1)^2 - 4 *5*0[/tex]

[tex]D = 1 - 0[/tex]

[tex]D = 1[/tex]

(b) Median Formula.

Median (M) is calculated using:

[tex]M = \frac{N+1}{2}th[/tex] item

Its mix and match for intergers

Answers

Answer:

let me help you,first let do the red one:

-9(2)=-18

2-9=-7

-5+12=7

-2(-8)=16

-36÷12=-3

32÷(-2)=-16

-9-(-4)=-5

-7+(-3)=-10

9+(-6)=3

-3(5)=-15

now the green one:

-8-10=-18

19+(-3)=16

-12÷(-4)=3

5(-1)=-5

-8+5=-3

-22+7=-15

-17+10=-7

-8(2)=-16

-8-2=-10

-35÷(-5)=7

Step-by-step explanation:

For these expression you will be able to find the same number.

En un paralelogramo de tiene ?

Answers

Answer:

Elementos y propiedades del paralelogramo

Lados: el paralelogramo tiene cuatro lados, siendo iguales y paralelos dos a dos (a y b). Ángulos: los ángulos interiores son iguales dos a dos, siendo iguales los ángulos no consecutivos (α y β). Como en todo cuadrilátero, sus ángulos interiores suman 360° (2α + 2β = 360°)

Step-by-step explanation:

Elements and properties of the parallelogram

Sides: the parallelogram has four sides, two by two (a and b) being equal and parallel. Angles: the interior angles are equal two by two, the non-consecutive angles (α and β) being equal. As in any quadrilateral, its interior angles add up to 360 ° (2α + 2β = 360 °) (English version lol)

An experimental psychologist plans a study in which a crucial step is offering participants a food reward. It is important that the three food rewards be equal in appeal. Thus, a prestudy was designed in which participants were asked which of the rewards they preferred. Of the 60 participants, 16 preferred cupcakes, 26 preferred candy bars, and 18 favored dried apricots. Do these scores suggest that the different foods are differentially preferred by people in general? (Use the .05 significance level.)
You must use all five steps in hypothesis testing:
Restate the question as a research hypothesis and a null hypothesis about the populations.
Determine the characteristics of the comparison distribution.
Determine the cutoff sample score on the comparison distribution at which the null hypothesis should be rejected.
Determine your sample’s score on the comparison distribution.
Decide whether to reject the null hypothesis.

Answers

Answer:

Step-by-step explanation:

From the information given:

[tex]\mathbf{H_o: there \ is \ no \ significanr \ difference \ between \ observed \ and \ expected \ value }[/tex]

[tex]\mathbf{H_a: there \ is \ significanr \ difference \ between \ observed \ and \ expected \ value }[/tex]

The characteristic of the comparison is a uniform distribution.

Since there are three categories from the data, then: the data obeys a U(0,3) distribution. However, supposed it happened that different food had the same appeal, thus, there will be uniform distribution in the preference score.

[tex]Degree \ of \ freedom \ df = n - 1 \\ \\ df = 3 - 1 = 2[/tex]

At 0.05;

Thus, at 0.05 and df of 2, the cutoff sample score at which [tex]H_o[/tex] will be reject is the critical value [tex]\mathbf{X_{0.05,2}^2 \ which \ is \ = 5.991}[/tex]

Prefered     Observed    Expected     Expected     (O - E)       (O - E)²/ E

                   frequency   frequency     proportions

Cup cakes           16        20                  0.333          -4.00           0.800

Candy bars          26       20                 0.333             6.00           1.800

Dried apricots      18        20                 0.333            -2.00          0.200

Total                     60       20                     1                 -2.00           2.800

Thus the sample score is [tex]\mathbf{X^2_{observed} = 2.800}[/tex]

Decision rule: To reject the null hypothesis if the observed test statistic is higher than the critical value.

Conclusion: We fail to reject the null hypothesis and conclude that different foods have the same appeal to different people.

The coordinates of the vertices of triangles OPQ are O(0,0) P(4,0) and Q(2,-4). Triangles OPQ is dilated with center O and scale factor 3/2. Sketch the dilation. What quadrants contain the image of triangle OPQ? PLEASE HELP ME

Answers

Answer:

you have to do the directions they gave you, draw the coordinates

Step-by-step explanation:

a salesperson earns a commission of $476 for selling $3400 in merchandise. what is the commission rate?

Answers

Answer:

Step-by-step explanation:

$476/($3400) = 0.14 = 14%

If a movie theater sells 400 tickets for a total of
$6800, how much would they make if they sold 1500
tickets?

Answers

Answer:

they would make $25,500

Step-by-step explanation:

6,800/400=17

1,500*17=25,500

answer :$25,500

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