02.09.2021

Ryan wishes to purchase a new boat and can afford monthly payments of up to $900 per month. Finance is available, and the terms are that the loan lasts for 8 years and the annual interest rate is 10%. What is the maximum price for a boat that Ryan's budget can afford?
Round your answer to the nearest hundred dollars.
Do NOT round until you have calculated the final answer.

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Step-by-step answer

02.10.2023, solved by verified expert
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Answer:

$84,916.23

Step-by-step explanation:

To find the maximum price for a boat that Ryan's budget can afford, we can use the formula for calculating the principal loan amount (the initial amount borrowed) for a fixed-rate loan:

P = M / [ (r/12)x(1 - 1/(1+r/12)^(nx12)] 

Where:

P is the principal loan amount (what we want to find).

M is the maximum monthly payment Ryan can afford ($900).

r is the annual interest rate (10% or 0.10).

n is the total number of years (8 years).

First, convert the annual interest rate to a monthly interest rate:

r=0.10/12=0.0083333

Now, plug these values into the formula:

P = 900 / [ (0.0083333 / 12)x(1- 1/(1  + 0.0083333/12)^(8x12) ]

Now, calculate P:

P≈$84,916.23

So, the maximum price for a boat that Ryan's budget can afford is approximately $84,916.23 when rounded to the nearest hundred dollars.

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Mathematics
Step-by-step answer
P Answered by Master

Answer:

1. $963.96

Step-by-step explanation:

Note - Since you have given multiple questions to solve, I will solve the first question for you. To get any particular question solved, please specify the question.

1) 

To calculate Tom's monthly mortgage payments, we can use the formula for a fixed-rate mortgage payment, which is:

M = P.r.(1+r)^n / [ (1+r)^n - 1]

Where:

M is the monthly payment

P is the principal amount (the remaining property value after the deposit)

r is the monthly interest rate (annual interest rate divided by 12 months)

n is the total number of payments (number of years multiplied by 12 months)

Given:

Property value (P) after the deposit: $300,000 - (0.25 * $300,000) = $225,000

Annual interest rate (r): 2%

Number of years (n): 25 years

First, calculate the monthly interest rate (r) by dividing the annual interest rate by 12:

r=2% / 12 ​=0.02/12=0.001667

Next, calculate the total number of payments (n):

n=25 years×12 months/year=300 monthsn=25 years×12 months/year=300 months

Now, plug these values into the mortgage payment formula:

M=$225,000 x 0.001667x (1+0.001667)^300​  / [(1+0.001667)^300−1]
 

Calculating this expression will give us Tom's monthly mortgage payment: M≈$963.96

So, Tom's monthly mortgage payment will be approximately $963.96 when rounded to the nearest cent.


 

Mathematics
Step-by-step answer
P Answered by PhD

Cost of 7 gallons=$24.50

Cost of 1 gallon=24.50/7=3.5

Cost of 15 gallons=15*3.5=52.5

Cost of 15 gallons will be $52.5

Mathematics
Step-by-step answer
P Answered by PhD

For 1 flavor there are 9 topping

Therefore, for 5 different flavors there will be 5*9 choices

No of choices= 5*9

=45 

Mathematics
Step-by-step answer
P Answered by PhD

The answer is in the image 

The answer is in the image 
Mathematics
Step-by-step answer
P Answered by PhD

The solution is in the following image

The solution is in the following image
Mathematics
Step-by-step answer
P Answered by PhD

y=2x+15

where y=Value of coin

x=Age in years

Value of coin after 19 years=2*19+15

=$53

Therefore, Value after 19 years=$53

Mathematics
Step-by-step answer
P Answered by PhD

F=ma

where F=force

m=mass

a=acceleration

Here,

F=4300

a=3.3m/s2

m=F/a

    =4300/3.3

    =1303.03kg

Approximately it is aqual to 1300kg

Mathematics
Step-by-step answer
P Answered by PhD

Here,

tip=18%of $32

tip=(18/100)*32

=0.18*32

=$5.76

Total payment=32+5.76=$37.76

Mathematics
Step-by-step answer
P Answered by PhD

The wood before starting =12 feet

Left wood=6 feet

Wood used till now=12-6=6 feet

Picture frame built till now= 6/(3/4)

=8 pieces

Therefore, till now 8 pieces have been made.

Mathematics
Step-by-step answer
P Answered by PhD

The wood before starting =12 feet

Left wood=6 feet

Wood used till now=12-6=6 feet

Picture frame built till now= 6/(3/4)

=8 pieces

Therefore, till now 8 pieces have been made.

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