Dr. Drake is thinking about retirement and decides to sail around the world once he retires. He buys a sailboat for $125,000. He borrows the money at an APR of 7.5% for five years. He uses the monthly payment formula comes up with a monthly payment of $2,504.74. How much will his total interest be?
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d (5 x (-20)) * (100 x (0.7))
5÷1/100 * -.7 *-20
copy dot flip
5*100 * -.7 *-20
5*-20 * 100 *-.7
[tex]30 points! the steps to simplify the expression are shown below, with one step missing. which is th[/tex]
wholesale price is the initial price before markup. retail price comes after the markup.
a price of 8 bucks that's marked up by 100% is
formula: initial price + (percent markup in fraction/decimal)(initial price)
retail price is $16.
We have been given that Dr. Drake buys a sailboat for 125000. He borrows the money at an APR of 7.5% for five years.
We will find total interest after 5 years by using simple interest formula
A= Amount after T years.
P= Principal amount.
r= The annual interest rate (in decimal form).
T= Time in years.
First of all we will convert our given interest rate from percent to decimal form.
7.5 precent= 0.075
Now let us substitute our given values in above formula.
A=125,000 (1+(0.075 x 5))
To find the amount of total interest we will subtract principal amount from 171875.
Total amount of interest= 171875 - 125000
Total Amount of interest= 46875
Therefore, the total interest after 5 years will be $46875.
I hope this helps 🙂