You obtain a car loan of $28,500 for 5 years at 4.9% interest compounded monthly. A)You decide to pay an extra $50.00 per period as you pay back the loan. By doing this, you will decrease the loan duration by approximately how many periods? b) In addition to paying an extra $50.00 per period as you pay back the loan, you decide to make an extra payment of $150 at the fifth period and $200 at the seventh period. By doing this, you will decrease the original loan duration by approximately how many periods?
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.
You obtain a car loan of $28,500 for 5 years at 4.9% interest compounded monthly.
A)You decide to pay an extra $50.00 per period as you pay back the loan. By doing this, you will decrease the loan duration by approximately how many periods?
b) In addition to paying an extra $50.00 per period as you pay back the loan, you decide to make an extra payment of $150 at the fifth period and $200 at the seventh period. By doing this, you will decrease the original loan duration by approximately how many periods?
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