Landon Wallin is an auto mechanic who wishes to start his own business. He will need $4300 to purchase tools and equipment. Landon decides to finance the purchase with a 48 month fixed installment loan with an APR of 5.5%. Determine Landon’s monthly payment and Finance charge.

London's monthly payment $100.

Finance charge $500.

Step-by-step explanation:

The formula of per month payment:

= (PMT×t)-PV

PV= present value

PMT=Monthly payment

r= rate of interest

t=time

n= Number of interest per month

Landon Wallin needs $4300 to purchases a tool and equipment. He decides to finance the purchase with a monthly installment for 48 months.

Here,

PV=$4300, r=5.5%=0.055, t=48 months, n=12

London's monthly payment $100

= (100×48)-4300

 =4800-4300

 =$500

Finance charge $500.

85.560%

step-by-step explanation:

conditional probability is defined as:

p(a|b) = p(a∩b) / p(b)

in other words, the probability that a occurs, given that b has occurred = the probability that both a and b occur / the probability that b occurs.

in this example:

p(turns 64 | turns 44) = p(turns 64 & turns 44) / p(turns 44).

if someone turns 64, they must have already turned 44, so:

p(turns 64 | turns 44) = p(turns 64) / p(turns 44)

on page 42, we see that of the original 100,000, 94944 turn 44, and 81234 turn 64.   therefore:

p(turns 64 | turns 44) = 81234 / 94944

p(turns 64 | turns 44) = 0.85560