# Loan

Apply for a $59000 loan, the loan repayment period is 8 years, the interest rate 7%. How much should I pay for every month (or every year if paid yearly). Example is for practise geometric progression and/or periodic payment for an annuity. Correct result: m = 804.39 USD y = 9880.6 USD #### Solution: $i_1 = 7/100/12 = 0.006 \ \\ r_1 = (1 + i_1)^{ 12\cdot 8 } = 1.776 \ \\ m = 59000 \cdot \dfrac{ i_1 r_1}{ r_1 -1 } = 59000 \cdot \dfrac{ 0.006 \cdot 1.776}{ 1.776 -1 } = 804.39 \ \text{USD}$ $i_2 = 7/100 = 0.07 \ \\ r_2 = (1 + i_2)^{ 8 } = 1.718 \ \\ y = 59000 \cdot \dfrac{ i_2 r_2}{ r_2 -1 } = 59000 \cdot \dfrac{ 0.07 \cdot 1.718}{ 1.718 -1 } = 9880.6 \ \text{USD}$ Our examples were largely sent or created by pupils and students themselves. Therefore, we would be pleased if you could send us any errors you found, spelling mistakes, or rephasing the example. Thank you! Leave us a comment of this math problem and its solution (i.e. if it is still somewhat unclear...): Showing 0 comments: Be the first to comment! Tips to related online calculators Do you want to convert time units like minutes to seconds? #### You need to know the following knowledge to solve this word math problem: ## Next similar math problems: • Interest Calculate how much you earn for 10 years 43000 deposit if the interest rate is 1.3% and the interest period is a quarter. • Compound interest 3 After 8 years, what is the total amount of a compound interest investment of$25,000 at 3% interest, compounded quarterly? (interest is now dream - in the year 2019)
• Bank
Paul put 10000 in the bank for 6 years. Calculate how much you will have in the bank if he not pick earned interest or change deposit conditions. The annual interest rate is 3.5%, and the tax on interest is 10%.
• Population
What is the population of the city with 3% annual growth, if in 10 years the city will have 60,000 residents?
• Reducing balance method
A company buys an item having a useful life of 10 years for 1,000,000. If the company depreciates the item by the reducing balance method, a. Determine the depreciation for the first year. b. Estimate the depreciation for the second and third years. c.
• One half
One half of ? is: ?
• Tenth member
Calculate the tenth member of geometric sequence when given: a1=1/2 and q=2
• Geometric sequence 4
It is given geometric sequence a3 = 7 and a12 = 3. Calculate s23 (= sum of the first 23 members of the sequence).
• Six terms
Find the first six terms of the sequence a1 = -3, an = 2 * an-1
• Geometric progression 2
There is geometric sequence with a1=5.7 and quotient q=-2.5. Calculate a17.
• Piano
If Suzan practicing 10 minutes at Monday; every other day she wants to practice 2 times as much as the previous day, how many hours and minutes will have to practice on Friday?
• Powers
Express the expression ? as the n-th power of the base 10.
• Virus
We have a virus that lives one hour. Every half hour produce two child viruses. What will be the living population of the virus after 3.5 hours?
• Eight palm
There grows 8 palms by the sea. At the first sitting one parrot, on second two, on third sits four parrots on each other twice the previous parrots sitting on a previous palm. How many parrots sitting on eighth palm?
• Five members
Write first 5 members geometric sequence and determine whether it is increasing or decreasing: a1 = 3 q = -2
• GP - 8 items
Determine the first eight members of a geometric progression if a9=512, q=2
• Five harvests
In the seed company, they know that, out of 100 grains of a new variety, they get an average of 2000 grains after harvest. Approximately how many grains do they get out of 100 grains after five harvests?