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

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

To calculate the monthly payment on the bank loan, we can use the formula:

monthly payment = P * (r / (1 - (1 + r)^(-n)))

where P is the total loan amount, r is the annual interest rate as a decimal, and n is the number of months of the loan.

For a loan of $16,000 at 8% interest for 3 years (36 months)

r = 0.08/12 = 0.0067

n = 36

P = 16000

So, the monthly payment = 16000 * (0.0067 / (1 - (1 + 0.0067)^(-36))) = 480

To calculate the monthly credit card payment, we can use the formula:

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

where P is the total loan amount, r is the monthly interest rate, and n is the number of months of the loan.

For a credit card with an annual rate of 15% for 7 years (84 months)

r = 0.15/12 = 0.0125

n = 84

P = 16000

So, the monthly payment = 16000 * 0.0125 * (1 + 0.0125)^84 / [(1 + 0.0125)^84 - 1] = 511.11

As we can see the monthly payment on the bank loan is lower than the monthly credit card payment. So, the correct answer is "The monthly payment on a bank loan would be $480, which is lower than the monthly credit card payment."


Related Questions

can someone help me solve this please :)

Answers

Answer:

Step-by-step explanation:

what is the probability that the red shows a six or the green die shows a six?

Answers

Answer:

11/36

Step-by-step explanation:

A rectangle has a length of (x+3) centimeters and a width of 1/2 x centimeters. If the perimeter is 24 centimeters, what is the length of the rectangle?

Answers

Answer:

Step-by-step explanation:

Perimeter = 2L + 2W = 24

L+W = 12

(x+3)+(x/2) = 12

2x+6 +x = 24

x = 6 cm

L = x+3 = 9 cm

Bonnie has 4 sharpened and 8 unsharpened pencils in her pencil case. She randomly selects 2 of the pebcils from the box without replacement. What is the probability that both pencils will be sharpened? A. 1/2 B.1/9 C. 4/33 D.1/11

Answers

Answer:

D. 1/11.

Step-by-step explanation:

There are 12 pencils in the case.

Prob( first one is sharpened) = 4/12 = 1/3

Prob(second is sharpened) = 3/11

Prob(both sharpened) = 1/3 * 3/11

= 3/33

= 1/11.

The probability is 1/11 that both pencils will be sharpened which is the correct option(D).

What is probability?

The probability is defined as the possibility of an event being equal to the ratio of the number of outcomes and the total number of outcomes.

Given that,

Bonnie has 4 sharpened and 8 unsharpened pencils

So, there is a total of 12 pencils in the pencil case.

Let, the probability first one is sharpened is P(E₁)

The probability second one is sharpened is P(E₂)

P(E₁) = 4/12 = 1/3

P(E₂) = 3/11

Required probability both sharpened P(E) = P(E₁)×P(E₂)

Required probability both sharpened P(E) = 1/3 × 3/11

Required probability both sharpened P(E) = 3/33

Required probability both sharpened P(E) = 1/11.

Hence, the probability is 1/11 that both pencils will be sharpened.

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you are working to save money for a trip you need to save 1500 you already saved $250 saved, and make $10 an hour at your job whites and solve an equation to represent how many hours, h, you need to work to make the rest of the money

Answers

Answer:

125 hrs

Step-by-step explanation:

1500-250=10h

simplify

1250=10h

divide both sides by 10

h=125

125 hrs

How many
liters of paint needed to paint a room
that is 96 meter square if 1 liter of
paint covers 5 meter square
5 meter Square meters

Answers

Answer:

19,2 l

Step-by-step explanation:

It's given that the area = 96 [tex]m^{2}[/tex]

// make a proportion

1 liters - 5 [tex]m^{2}[/tex]

x liters - 96 [tex]m^{2}[/tex]

x = 96/5 = 19,2 (l)

The ratio of cows to goats in a farm is 3:2 if there are 210 more cows than goats how many animals are there in the farm​

Answers

Answer: 350 animals altogether.

Explanation: We need to find the number of goats and add that to the 210 cows.

Since we have a ratio, we can use the equation 3/2=210/x.

Cross multiplying gives us 3x=420, where x is 140 goats.

Finally, 140+210=350.

What is the value of y?
2y
Y+10
50°

Answers

Answer:

The question is incorrect. Please rewrite the question.

On a map, Breanne measured the distance (as the crow flies) between Los Angeles, California and San
Francisco, California at 2 inches. The scale on the map is 1/4 inch = 43 miles. What is the actual
straight-line distance between Los Angeles and San Francisco?

Answers

the straight line distance is 344

Does side lengths 4, 8 and 12 form a right triangle?

Answers

Answer:

No it does not form a triangle.

Step-by-step explanation:

If the lengths satisfy the Pythagorean Theorem (a2+b2=c2) then it is a right triangle.

no it doesn’t form a right triangle

To begin a bacteria study, a petri dish had 2800 bacteria cells. Each hour since, the number of cells has increased by 7.2%. Let t be the number of hours since the start of the study. Let y be the number of bacteria cells. Write an exponential function showing the relationship between y and t.​

Answers

The function that models exponential growth is:

P(t) = P0*(1 + r)^t, where

P0 = P(0) is the initial value of P

r is the growth rate as a decimal

In our case we have:

P(0) = 2800

r = 0.035 or 3.5%

P(t) = 2800*(1 + 0.035)^t

P(t) = 2800*(1.035)^t

The same exponential function written using y and t is:

y = 2800*1.035^t.

Explanation: https://softmath.com/algebra-word-problems/to-begin-a-bacteria-study-a-petri-dish-had-2800-bacteria


[tex] {a}^{2} {a}^{4} {a}^{5} answer \: a40 \: or \: a11 [/tex]

Answers

It’s a tiny the power of 11
2+4+5 = 11
Pls mark as brainliest

Help me find the hight explain

Answers

Answer:

h = 26cm

Step-by-step explanation:

V = (l w h)/3

so the volume of the first one is

20*12*13 /3= 1040

1040 = 12*10*h/3

3120 = 120h

h = 26

The answer is C. 23 cm

A function and its inverse are shown on the graph.
y
y
6
f(x)
4
Which answer pairs a possible domain restriction
for f(x) and its corresponding impact on f'(x)?
O f(x) domain: x 2 1
f'(x) domain: x 2 1
Of(x) domain: x 2 1
f'(x) range: y21
Of(x) domain: XS-2
f'(x) domain: x = -2
Of(x) domain: xs-2
f'(x) range: ys-2
2.
x
+
-2
2
4
6
-2
f (x)
-6

Answers

Answer:

not: f(x) domain: x ≤ -2

f^-1(x) range: y ≤ -2

Step-by-step explanation:

The possible domain restriction for f(x) and its corresponding impact on f'(x) is f(x) domain: x < 1, f'(x) domain: x < 1.

How to find the function which used to make graph?

There are many tools we can use to find the information of the relation which was used to form the graph.

A graph contains data of which input maps to which output.

Analysis of this leads to the relations which were used to make it.

For example, if the graph of a function is rising upwards after a certain value of x, then the function must be having increasingly output for inputs greater than that value of x.

If we know that the function crosses x axis at some point, then for some polynomial functions, we have those as roots of the polynomial.

We are given that;

The graph of function

Now,

Looking at the graph, we can see that the function and its inverse are reflections of each other across the line y = x. This means that the domain of the inverse function corresponds to the range of the original function, and vice versa.

From the graph, we can see that the original function f(x) has a vertical asymptote at x = 1. This means that the function is undefined at x = 1.

Therefore, a possible domain restriction for f(x) is x < 1, which would exclude x = 1 from the domain. The corresponding impact on f'(x) would be that f'(x) would also be undefined at x = 1.

So, the answer that pairs a possible domain restriction for f(x) and its corresponding impact on f'(x) is:

f(x) domain: x < 1

f'(x) domain: x < 1

This is because the domain of f(x) is restricted to exclude x = 1, and the corresponding impact on f'(x) is that it is also undefined at x = 1.

Therefore, by the graphed function the answer will be f(x) domain: x < 1, f'(x) domain: x < 1.

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Jake is a factory manager for a company that produces batteries. Occasionally, some are found to be defective. Based on previous results, Jake
estimates that 12 batteries will be defective for a certain month. However, 10 were actually defective. What is the percent error of Jake's estimate?

Answers

Answer:
20%

Explanation:
The formula for percent error is (accepted value - experimental value) / accepted value x 100. If you want to check plug that formula into a calculator. Work is shown below. 10-12 = -2. -2/10 = -0.2. -0.2 x 100 = -20. -20 x -1 = 20


20%

The percent error of Jake's estimate is 16.6 % when he found 10 were actually defective out of 12 batteries.

What is the percentage?

The percentage is defined as a ratio expressed as a fraction of 100.

For example, If Mili obtained a score of 57% on her exam, that corresponds to 67 out of 100. It is expressed as 57/100 in fractional form and as 57:100 in ratio form.

Jake calculates that 12 batteries will be faulty during the month given in the question.

To determine the percent error which is the percentage of the difference between the accepted value and the experimental value.

As per the given condition, the required solution would be as:

⇒ [(12  - 10)/12] × 100

= [(2/12)] × 100

= [1/6] × 100

= 0.166× 100

= 16.6 %

Thus, the percent error of Jake's estimate is 16.6 %.

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Given the points (-5,-7) and (-2,-8), calculate
the slope.
(I NEED THIS ANSWER ASAP!)

Answers

Answer:

Slope is -1/3

Step-by-step explanation:

(-5,-7)(-2,-8)

-8+7/-2+5

-1/3

m=-1/3

Answer:

Slope=-1/3

Step-by-step explanation:

Please help me in struggling with this

Answers

Answer:

Step-by-step explanation:

21

16

27

15

70

Answer:

Step-by-step explanation:

Hello!

I think I can help.

Lets use the first problem and walk through it and I think it could help you with the others.

3/7 = ?/49

So basically with these problems you are working backwards. You are working right to left and dividing to figure out what you will need to multiply the other part of the fraction by.

So here we have 49 and 7 that line up with each other. (Always look for the fractions that line up horizontally)

Going right to left and dividing :

49 / 7

= 7

So we know that it was 7 x 7 to get that 49

So now we used the number we just found by dividing (7) and multiply it left to right by the other number to find the missing number (?).

If we do this we do :

3 x 7

= 21

And that is the missing number !

We plug that in right where the blank is (?) and we get :

3/7 = 21/49

I am not sure if you have to simplify this but you cant anyways. If you have questions about simplifying ask in the comments.

To check this we can actually multiply the side that had two numbers to begin with (the left side numbers) and multiply it by the number we found by dividing (7).

So we do this with 3/7 :

3 x 7 = 21

7 x 7 = 49

if we plug this back in we get :

21/49 = 29/49 and we know this is correct.

I hope this helps you solve the other problems. If you have any questions or are still confused with others please message me or comment and I will do what I can to help.  :)

81.04 x 0.010 answer please

Answers

Answer:

0.8104

Step-by-step explanation:

Answer:

0.8104

Step-by-step explanation:

Take the 0 out of the end of the 0.010 because there is no reason for it to be there.

Then you just multiply 81.04 by 1 because the rest of 0.01 is just zeros and the you get 81.04.

Then you count the decimal places in 0.01 which you get two so you move the decimal in 81.04 two times to the left.

Your answer should be .8104

I hope this helps!!!!

50 PONITS
If you travel 82 km in 40 minutes, what is your speed in km/h?

Answers

Answer:

123 km/h

Step-by-step explanation:

the formula for the unit rate would be 82/40

82 divided by 40 is 2.05km/m

Then you have to convert 2.05 km/m to km/h

multiply 2.05 times 60 and your answer is 123 km/h

Answer: 123 km/h

Step-by-step explanation:

5. David Read's the problem:

Ally bought a T-shirt and a pair of shorts on sale which
reduced prices by 1/4. The total savings on the 2
garments was $10.25. Find the original price for the
pair of shorts.

David says that the original price of the shorts was $41.
Does his answer seem reasonable? Defend your
answer by writing and solving an equation that
represents the situation.

Answers

Answer:

No, David's answer does not seem reasonable.

Let x= original purchase amount

25x = $10.25, so solve for x by dividing both sides by .25, and you get x = $41.

If the shirt was $18, the shorts must have been $41-$18 = $23 NOT $41.

Step-by-step explanation:

The Inconsistent Books store changes the normal prices of books on Mondays and Tuesdays. On Monday the price of a book is 10% above the normal price. On Tuesday the price is 10% below the normal price. Sarah bought a book on Monday for $16.50. Would would be the price of that book on a Tuesday?

Answers

13.365 would be the price of that book on tuesday.

what is the solution for 5(m-3) ≥ 7m-2.4 ?

Answers

Answer:

Step-by-step explanation:

5(m-3)≥7m-2.4

5m-15≥7m-2.4

2m≤-12.6

m≤-6.1

Answer:

m>6.3

Step-by-step explanation:

HELPPPPP!!!!!!!!!!!!!!

Answers

Answer

0.75 or 3/4 is the answer (degree)

I just solved for the angles and use a graphing calculator to find the din and cosine values and multiply them

0.75 or is the answer for this question

The amount of time needed to complete a certain roadtrip, t, varies inversely with the speed of a vehicle, s. At a speed of 52 miles per hour, the trip will be complete in 12 hours. How many hours would it take at a speed of 48 miles per hour?

Do not include the units in your answer.

Answers

Proximally 4 Hours if not then try brainly’s quick answers

At a speed of 48 miles per hour, it would take 13 hours.

What is speed?

Velocity is the pace and direction of an item's movement, whereas speed is the time rate at which an object is travelling along a route.

Given:

The amount of time needed to complete a certain road trip, t, varies inversely with the speed of a vehicle, s. At a speed of 52 miles per hour, the trip will be complete in 12 hours.

Distance is constant.

And we know the formula:

Distance = speed x time

              = 52 x 12

              = 624 miles

Now to find the time:

Now for speed = 48 miles per hour

time,

t = distance / speed

 = 624/48

 = 13 hours

Therefore, 13 hours would it take at a speed of 48 miles per hour.

To learn more about the speed;

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Complete the square to make a perfect square trinomial. Then, write the result as a binomial squared. x^2+5/4x

Answers

Let's work backwards.

The answer will be in the form (x+a)^2 for any real number a

Now the expansion will be x^2+2ax+a^2.

We can see just from this that 2a=5/4

a=5/8

The result binomial should be x+5/8

Resulting binomial squared expansion should be x^2+5/4x+25/64

The term we need to add will be 25/64

Complete the function table,
then list the domain of the function
Domain

What’s the next numbers ?

Answers

Answer:

f(x)=x-2

f(2)=2-2=0

f(3)=3-2=1

you only have attach the number to x

Answers:

Second row:  0Third row:   3-2   and  1

====================================================

Explanation:

The first column is the list of x values we plug into the function. The second column describes what happens to those x inputs. Namely, we subtract off 2. In the first row, it shows 0-2 after replacing x with 0. This leads to the result of -2 since 0-2 = -2.

In the second row, we have the input x = 2 turn x-2 into 2-2 = 0. So that's why 0 goes in the blank for the second row.

In the third row, we have x-2 = 3-2 = 1. So we'll have 3-2 go in the first blank of row 3, and the value 1 go in the second blank of this same row.

PLEASE HELP I NEED THE VALUES OF M AND P!!!!!!!! WILL GIVE BRAINLIST!!!!

Answers

Answer:

m=5 and p=4

Step-by-step explanation:

The radius of a quarter circle is 2 yards. What is the quarter circle's perimeter?

Answers

12.57.
The perimeter (circumference) of a circle can be found with either c= πd or c=2πr
(The d is diameter)

5) Find the area of the composite figure.
15
9 in
I ㅗ
20
3
A
then find the

Answers

Answer:

HOPE IT HELPS THANK ME LATER.

Aaron mows lawns and makes $70 per week. Last week
he spent $15 on gas and spent 5 hours mowing all of the
lawns. How much did he earn per hour?

Answers

If I’m correct he earned $3 per hour mowing lawns. How I got this is because I divided 15 by 5 and thts how I got 3. Hope this helps :)
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