Lavonda took out a $7,500 loan with an APR of 3.875\% and agreed to pay it back monthly over 6 years What is her monthly payment?

How much will she pay back in total?

What is the finance charge?

Step-by-step explanation:

Given data

principal=$7500

rate= 3.875%= 0.03875

time =6years

The expression for the final amount for a simple interest is

A=p(1+rt)

A=7500(1+0.03875*6)

A=7500(1+0.2325)

A=7500(1.2325)

A=9243.75

$19243.75

1. What is her monthly payment?

given that it is spread over 6 years

there are 12*6 months= 72months

monthly pay=9243.75/72= $128.38

2. How much will she pay back in total?

=$19243.75

3. What is the finance charge?

the finance charge is the interest which is

$19243.75-$7500=$11743.75

hello from mrbilldoesmath!

answer:

(7 x + 6 y) (49 x^2 - 42 x y + 36 y^2)

discussion:

the trick is to recognize that 343 = 7^3 and 216 = 6^3 and, in general,

a^3 + b^3 =   (a + b) (a^2 - a b + b^2).

in our case

343x^3+216y^3   =   (7x)^3 + (6y)^3

so take a = 7x and b = 6y in the above equation to get the answer.

you,

mrb