Veronica has two offers for a $65,000 student loan. The first loan has a 6.3% interest rate for 15 years, and the second loan has a 4.8% interest rate for 20 years. Both loans have interest compounded every month. Veronica is interested in finding the loan that minimizes the amount of interest that she will pay over the life of the loan. Which loan has a lower amount of interest paid?

Answers

Answer 1

The second option has a lower amount of interest paid.

In order to determine the loan option that minimizes loan payment, the future value of both loan options has to be determined.

FV = P (1 + r)^nm

FV = Future value  

P = Present value  

R = interest rate  

m = number of compounding

N = number of years  

First loan option

65000( 1 + 0.063/12)^300 = 312,707.21

Second loan option

65000( 1 + 0.048/12)^240 = 169,435.51

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Related Questions

Jeremy can row 2/3 of a mile in 1/2 hour how long will it take him to row 1 mile?

Answers

Answer:

It takes 3/4 of an hour to go 1 mile

Step-by-step explanation:

You can do this by setting up a proportion and by using decimals for some fractions

2/3 = 0.66667 Miles

1/2 = 0.5  hours

0.66667/0.5 = 1/x                         Cross multiply

0.66667 * x = 0.5 * 1                     Simplify

0.66667 * x = 0.5                         Divide both sides by 0.66667

x = 0.5 / 0.66667

x =  0.74999625                           Notice when rounded this is 0.75

x = 0.75                                         Now notice that 0.75 as a fraction is 3/4

x = 3/4

Jeremy can row 2/3 of a mile in 1/2 hour then it will take him 3/4 hour to row 1 mile.

If Jeremy can row 2/3 of a mile in 1/2 hour, then the time it takes him to row 1 mile can be found by setting up a proportion:

(2/3 mile) / (1/2 hour) = 1 mile / (x hours)

Cross-multiply:

(2/3) × x = 1 × (1/2)

Now solve for x:

x = (1/2) / (2/3)

x = 3/4

So, it will take Jeremy 3/4 of an hour (or 45 minutes) to row 1 mile.

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Please use image above ^^​

Answers

Answer:

D or answer choice 4

Step-by-step explanation:

8. A bamboo plant is 10 centimeters tall at noon and grows at a rate of 5 centimeters every 2 hours. The height (in centimeters) is a function h(t) of the time t it grows. When will the plant be 20 centimeters tall?​

Answers

Answer:

in 10 hours

Step-by-step explanation:

Answer: 4 hours

Step-by-step explanation: since the plant is already 10 centimeters, and it grows five centimeters every two hours, it only needs four hours to grow another 10 centimeters for it to be 20 centimeters.

Inequalities definition

Answers

Answer:

a inequality is a relation which makes a non-equal comparison between two numbers or other mathematical expressions. It is used most often to compare two numbers on the number line by their size.

Step-by-step explanation:

hope it helps :)

Answer:

In Algebra, inequality is a Mathematical statement that shows the relation between two expressions using the inequality symbol. The expressions on both sides of an inequality sign are not equal. It means that the expression on the left-hand side should be greater than or less than the expression on the right-hand side or vice versa. If the relationship between two algebraic expressions is defined using the inequality symbols, then it is called literal inequalities.  If two real numbers or the algebraic expressions are related by the symbols “>”, “<”, “≥”, “≤”, then the relation is called an inequality.

Help help help help please please

Answers

you would move each coordinate 6 left and 1 up

A(2,5)
B(0,2)
C(-1,3)

hope this helps!

Would you rather have 15/20 of a pizza or 3/4 of a pizza? Explain your answer and how you solved the problem. plz hurry!

Answers

they are both equal and are the same value(75%)

Graph this equation on the coordinate plane. y=−4/5x−1

Answers

Answer:

I attached an image.

Step-by-step explanation:

Answer:

(X then y)

(0,-1) (5,-5)

Step-by-step explanation:

I did the test

Please take a look at the picture

Answers

Answer:

C

Step-by-step explanation:

it is none of the above, because

x - (-x) = x + x = 2x

and that is not -x

0 - (-x) = 0 + x = x

and that is not -x

2+5(8-5)
Is it 17 or 21 cause me in my sister having a full blown argument right now

Answers

The answer is seven- teen 17

Answer:

The answer is seventeen (17)

What is 10 - (-18) in a integer

Answers

Answer:

28

Step-by-step explanation:

10 - (-18)

=> 10 + 18

=> 28

Hoped this helped.

Answer:

10 - (-18)

= 10 + 18

= 28

Step-by-step explanation:

PLEASE HELP>>>>>
25 POINTS...................

Answers

Answer:

y = 2/3x - 9

Step-by-step explanation:

note the slope, then note the y intecept, then plug it into the equation y = mx+b

Answer:

So its d

Step-by-step explanation:

Y intercept is 6, and the slope is 3/2. hope i help! And if it isn't that, its c

Solve the inequalities from parts A and D for the variables b and n, respectively.



Part A:2b<56
Part D:n<56

Answers

Answer:

Part A: b < 28

Part D: n < 56

Step-by-step explanation:

part A: divide each term in  and simplify.

Inequality Form: b < 28

part d: this is already solved but can be shown in multiple forms.

Inequality Form: n < 56

Interval Notation: ( -∞ , 56)

There are 2 pigs, 3 chickens, 4 cows and 5 ducks on a farm. If the farmer wants 3 animals
for a play but only needs one two-legged animal, how many ways can he choose the three animals?

Answers

Answer:

6 ways

Step-by-step explanation:

1: 2 pigs, 1 chicken

2: 2 pigs, 1 duck

3: 1 pig, 1 cow, 1 chicken

4: 1 pig, 1 cow, 1 duck

5: 2 cows, 1 chicken

6: 2 cows, 1 duck

The farmer can choose the animal in 6 ways as per different combinations.

Solution to the above problem

The different combinations can be written as follows:

nCr = n! / r! * (n - r)!, where n represents the total number of items, and r represents the number of items being chosen at a time

Since we want 3 animals we can make different pairs as listed below

1: 2 pigs, 1 chicken

2: 2 pigs, 1 duck

3: 1 pig, 1 cow, 1 chicken

4: 1 pig, 1 cow, 1 duck

5: 2 cows, 1 chicken

6: 2 cows, 1 duck

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La probabilidad de que julio salga con carla es 0.75 , y la probabilidad de que salga con marisol es de 0.50. Si la probabilidad de que salga con carla o marisol es 0.85; calcular la probabilidad de que salga con ambas a la vez

Answers

La probabilidad de que Julio salga con Marisol y Carla al mismo tiempo es 0.40

What is the addition rule of probability for two events?

For two events A and B, we have:

Probability that event A or B occurs = Probability that event A occurs + Probability that event B occurs - Probability that both the event A and B occur simultaneously.

This can be written symbolically as:

[tex]P(A \cup B) = P(A) + P(B) - P(A \cap B)[/tex]

Given that;

The probability that Julio goes out with Carla is 0.75, and

the probability that he goes out with Marisol is 0.50.

The probability that he goes out with Carla or Marisol is 0.85

To find:

The probability that he will date both at the same time.

Let we take:

A = event that Julio goes with Carla

B = event that Julio goes with Marisol, then, the given expression is symbolically represented as:

[tex]P(A) = 0.75\\[/tex][tex]P(B) = 0.50[/tex][tex]P(A \cup B) = 0.85[/tex]

To find: [tex]P(A \cap B)\\[/tex]

Using the addition rule, we get:

[tex]P(A \cup B) = P(A) + P(B) - P(A \cap B)\\0.85 = 0.75 + 0.50 - P(A \cap B)\\P(A \cap B) = 1.25 - 0.85 = 0.40[/tex]

Thus, the probability that Julio will date Marisol and Carla at the same time is 0.40

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The probability that Julio will date Marisol and Carla at the same time is 0.40.

Here, we have, For two events A and B, we have:

Probability that event A or B occurs = Probability that event A occurs + Probability that event B occurs - Probability that both the event A and B occur simultaneously.

This can be written symbolically as:

P(A ∪ B) = P(A) + P(B) - P(A ∩ B)

Given that;

The probability that Julio goes out with Carla is 0.75, and

the probability that he goes out with Marisol is 0.50.

The probability that he goes out with Carla or Marisol is 0.85

To find:

The probability that he will date both at the same time.

Let we take:

A = event that Julio goes with Carla

B = event that Julio goes with Marisol, then, the given expression is symbolically represented as:

P(A) = 0.75

P(B) = 0.50

P(A∪B)= 0.85

To find: P(A ∩ B)

Using the addition rule, we get:

P(A ∪ B) = P(A) + P(B) - P(A ∩ B)

0.85 = 0.75 + 0.50 - P(A ∩ B)

P(A ∩ B) = 0.40

Thus, the probability that Julio will date Marisol and Carla at the same time is 0.40.

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complete question:

The probability that Julio dates Carla is 0.75, and the probability that he dates Marisol is 0.50. If the probability that he goes out with carla or marisol is 0.85; Calculate the probability that he will date both at the same time.

5.A Nathan decided he wanted to go to a theme park. The theme
park charges $ 7.00 for entry and $ 1.50 for each ride. Part A : Write an
expression to represent this scenario where R represents the number of
rides.

5.B Refer to problem 5. Part B: Write and solve an equation to determine
how many rides Nathan can ride if his Dad give him $ 28.00. Show your work.

Answers

Answer:

5a. $1.50R + $7

5b. 14 rides

Step-by-step explanation:

5b. $28 - $7= $21/1.50= 14

He can go on 14 rides

If rides be x

Initial price=7Rate of change=1.5

The equation is

y=1.5x+7

#B

Put y=28

1.5x+7=281.5x=28-71.5x=21x=14

Total 14 rides

The ratio of boys and girls are 2:5. If the total number of students in school are 350, find the number of girls.

Answers

Answer:

250 girls

Step-by-step explanation:

Add the ratio together (2+5=7), then do 350÷7=50

50 is one part of the ratio so to find how many girls, you would do 50x5=250

Find the equation of a line that passes through the points (1,-3) and (3,-1). Leave your answer in the form y = m x + c

Answers

Answer:

y=x+2

Step-by-step explanation:

-1+3/3-1=2/2=1

y+3/x-1=1

x-1=y+3

y=x-4

A runner can finish 3 miles in 24 minutes. If they can maintain that pace, how far could they run in 40 minutes?

Answers

Answer:

4.85 mailes can be running for runners

=
Given f(x) = 3x2 + 5x + k, and the remainder when f(x) is divided by
x + 3 is 29, then what is the value of k?

Answers

Answer:

the answer is k=2

Step-by-step explanation:

6
Mr. Drake has to drive 546 miles on a trip. He has drijven 48% of the way. About how
miles has he driven?

Answers

the answer is i think 262.08 miles

Simplify as far as possible without using a calculator.

Answers

19.9 hope this helped

maya used a drwaing to divide 86 she made groups of 17 with 1 left over. Draw a picture to determine how many groups may made.

Answers

Check the picture below.

The number of groups that may make will be 5.

What is Algebra?

Algebra is the study of abstract symbols, while logic is the manipulation of all those ideas.

The acronym PEMDAS stands for Parenthesis, Exponent, Multiplication, Division, Addition, and Subtraction. This approach is used to answer the problem correctly and completely.

Maya utilized a drawing to partition 86 she made gatherings of 17 with 1 remaining over.

Then the number of the groups that may make will be given as,

⇒ (86 - 1) / 17

Simplify the expression, then we have

⇒ (86 - 1) / 17

⇒ 85 / 17

⇒ 5

The number of groups that may make will be 5.

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Compute​ r, the correlation​ coefficient, using the following data.

Answers

Answer:

The r=.950

Step-by-step explanation:

the current population of earth is estimated to be about 7,440,000,000. express number in scientific notation

Answers

Answer:

7.44x10^9

Step-by-step explanation:

7.44 × 10⁹

hope this helps

Use distributive property to remove the parentheses. Simplify your answer as much as possible please.

Answers

Answer:

  28y^3 -35y^5

Step-by-step explanation:

  = 7y^3(4) -7y^3(5y^2)

  = 28y^3 -35y^5

_____

The applicable rule of exponents is ...

  (y^a)(y^b) = y^(a+b)

Miguel, Christian, Amber, Sophia, and Kadin eat dinner together at Texas Roadhouse. The total bill is $53.25. They decide they want to split the bill evenly. How much should each person pay?

ill give brainliest plz help

Answers

Answer:

10.65

Step-by-step explanation:

just divide 5 [because there are five people] with $53.25 [the amount of money]

then the answer will be 10.25

thank you

hope it was helpful

There are 900 3-digit integers, the integers between 100 and 999, inclusive. What percent of these integers contain only odd digits

Answers

Each digit can be one of {1, 3, 5, 7, 9}, so there are 5 choices for each. Then there are 5•5•5 = 5³ = 125 integers containing only odd digits, which means they make of 125/900 ≈ 14% of them.

Select the best answer.

sin(3pi/3 + x) =

• sinx
• -sinx
• -cosx
• cosx

Answers

Answer:

-sin x

Step-by-step explanation:

sin(3π/3+x)=sin (π+x)=-sin x

or

sin (π+x)=sin πcos x+cos π sin x=(0)cos x+(-1)sin x=0-sin x=-sin x

At gym A is 76.50 for 8.5 hours. At gym B cost is 10.50 for 3/4 hours which plan of offers the best deal

Answers

The better deal is gym a.

Tell me if you want step by step explanation!

Hope this helped. :)
Gym A is the correct answer.

how many 3/4 are in 11/4

Answers

Answer:

11

1

11 over 1

Step-by-step explanation:

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