1. Jack buys a furniture set costing $23,845 and chose to finance the money through the store for 18 months. He would be charged 12% interest compounded monthly based on the unpaid balance. a) What is his monthly installment and How much interest is paid over this period? b) How much is the unpaid balance after 12 months?
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
1. Jack buys a furniture set costing $23,845 and chose to finance the money through the store for 18 months. He would be charged 12% interest compounded monthly based on the unpaid balance.
a) What is his monthly installment and How much interest is paid over this period?
b) How much is the unpaid balance after 12 months?
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