answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Ganezh
7 days ago
11

Helena has taken out a $9,300 unsubsidized Stafford loan to pay for her college education. She plans to graduate in four years.

The loan has a duration of ten years and an interest rate of 6.4%, compounded monthly. By the time Helena graduates, how much greater will the amount of interest capitalized be than the minimum amount that she could pay to prevent interest capitalization? Round all dollar values to the nearest cent.
Mathematics
2 answers:
Leona [9.2K]7 days ago
8 0
The effective annual interest rate calculations yield:
i = (1 + 0.064/12)^12 - 1 = 0.066
For year 1: the interest amounts to $613.80 (calculating $9300 multiplied by 0.066)
For year 2: the interest totals $654.31 (adding year 1’s interest to $9300 and multiplying by 0.066)
For year 3: the interest is $656.98 (following the same process as year 2)
For year 4: the interest is $657.16

The cumulative interest totals: $2582.25
The present value of this sum is:
P = 2582.23 / (1 + 0.066)^4 = $1999.72

Thus, the final answer is $1999.72.
Leona [9.2K]7 days ago
7 0

Response:

$324.33

Detailed breakdown of the process:

You might be interested in
Sophia Isabella share reward of $117 in a ratio of 1 to 8 what fraction of the total reward does Sophia get
Svet_ta [9500]
$13 because Isabella will receive $104, resulting in a ratio of 1:8.
3 0
7 days ago
Read 2 more answers
Two steamers leave a port on a river at the same time, traveling in opposite directions. Each is traveling 22 miles per hour. Ho
Inessa [9000]
After 1 hour >> 44 miles apart
after 2 hours >> 88 miles apart
after 2.5 hours >> 110 miles apart

Two and a half hours
4 0
9 days ago
Read 2 more answers
Box 1: Dimensions: x by 3x by x3 Area of base = x(3x) = 3x2 Box 2: Dimensions: x by 4x – 1 by x3 Area of base = x(4x – 1) = 4x2
Inessa [9000]

Answer:

box 1: monomial

box 2: binomial

Step-by-step explanation:

rationale: The volume of Box 1 is represented by a monomial multiplied by another monomial, resulting in a monomial.

Conversely, the volume of Box 2 is represented by a monomial multiplied by a binomial, producing a binomial.

4 0
8 days ago
Read 2 more answers
One student from a high school will be selected at random. Let A be the event that the selected student is a student athlete, an
Inessa [9000]

Answer:

0.32

Step-by-step explanation:

P(B|A) = P(A∩B) / P(A)

0.25 = 0.08 / P(A)

P(A) = 0.32

8 0
25 days ago
Read 2 more answers
Devon purchased a new car valued at $16,000 that depreciated continuously at a rate of 35%. Its current value is $2,000. The equ
Leona [9271]

Initial cost = 16000
depreciation rate = 35%
remaining value = 2000
depreciation over one year = 16000*35% = 5600
5600*2 = 11200 + 5600*6\12 = 2000
The car is aged 2.5 years, accounting for two full years and an additional half year of depreciation.

7 0
1 month ago
Read 2 more answers
Other questions:
  • On a coordinate plane, solid circles appear at the following points: (negative 4, 2), (negative 2, 2), (negative 1, 4), (1, 1),
    7·2 answers
  • If the clothing maker bought 500 m2 of this fabric, how much money did he lose? Use 1tepiz=0.625dollar and 0.9144m=1yard.
    9·2 answers
  • Show that A(t)=300−250e0.2−0.02t satisfies the differential equation ⅆAⅆt=6−0.02A with initial condition A(10)=50 .
    10·1 answer
  • Supervisor: "Because you are working a late shift, you will get an increase in your wage. You will get an additional 10% per hou
    10·1 answer
  • Can we predict how fast a tennis player can hit a serve from the playerâs height? The following computer output and scatterplot
    14·1 answer
  • In the article "Foods, Fortificants, and Supplements: Where Do Americans Get Their Nutrients?" researchers analyze the nutrient
    13·1 answer
  • Two investors have net worths of $12 million (investor A) and $1 million (investor B). they set their investment limits at 2% an
    7·1 answer
  • A work crew has a new pump and an old pump. The new pump can fill a tank in 5 hours, and the old pump can fill the same tank in
    5·1 answer
  • Julia owns a coffee shop. She experimented with mixing City Roast Colombian coffee that costs $7.80 per pound with French Roast
    8·1 answer
  • Stacy uses a spinner with six equal sections numbered 2, 2, 3, 4, 5, and 6 to play a game. Stacy spins the pointer 120 times and
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!