the income tax payable on a salary of Birr 5200 is Birr 320.
In Ethiopia, income tax is calculated based on a progressive tax system where the tax rate increases as the taxable income increases. The formula for calculating income tax on monthly salary is as follows:
Taxable income = Gross monthly salary - Deductions
Tax payable = Tax rate * (Taxable income - Tax threshold) - Allowances
Where:
1. Gross monthly salary: Total salary before any deductions.
2. Deductions: Includes mandatory deductions such as employee social security contributions, pension contributions, and other authorized deductions.
3. Taxable income: Gross monthly salary minus deductions.
4. Tax rate: The percentage of tax applicable to the taxable income based on the tax bracket.
5. Tax threshold: The minimum amount of taxable income before tax is applicable.
6. Allowances: Includes authorized tax deductions such as dependant's allowance and other authorized allowances.
To calculate the income tax on a salary of Birr 5200, we need to determine the taxable income first. Let's assume that the gross monthly salary is Birr 5200, and there are no deductions.
Taxable income = Birr 5200 - 0 = Birr 5200
Next, we need to determine the tax rate applicable to this taxable income based on the tax bracket. For the taxable income range of Birr 5251 to 7800, the tax rate is 10%. Therefore, the tax rate applicable to Birr 5200 is 10%.
Tax rate = 10%
Now, we need to determine the tax threshold and the allowances applicable to this taxable income. Let's assume that the tax threshold is Birr 2000, and there are no allowances.
Tax threshold = Birr 2000
Allowances = 0
Using the formula mentioned earlier, we can calculate the income tax payable as follows:
Tax payable = 10% * (Birr 5200 - Birr 2000) - 0
Tax payable = Birr 320
Therefore, the income tax payable on a salary of Birr 5200 is Birr 320.
To derive the formula to calculate income tax on Birr x, we can use the same formula mentioned earlier. We can express the formula in terms of x as follows:
Taxable income = x - Deductions
Tax payable = Tax rate * (Taxable income - Tax threshold) - Allowances
Where:
1. x: Gross monthly salary.
2. Deductions: Includes mandatory deductions such as employee social security contributions, pension contributions, and other authorized deductions.
3. Taxable income: Gross monthly salary minus deductions.
4. Tax rate: The percentage of tax applicable to the taxable income based on the tax bracket.
5. Tax threshold: The minimum amount of taxable income before tax is applicable.
6. Allowances: Includes authorized tax deductions such as dependant's allowance and other authorized allowances.
We can use this formula to calculate the income tax payable on any salary falling within the Birr 5251 to 7800 taxable income range.
In conclusion, income tax in Ethiopia is calculated based on a progressive tax system, where the tax rate increases as the taxable income increases. To calculate income tax on a salary of Birr 5200, we need to determine the taxable income, tax rate, tax threshold, and allowances applicable to that salary. We can use the same formula to calculate income tax on any salary within the Birr 5251 to 7800 taxable income range.
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As a salesperson at Scrapbooks and Treasures, Alysse receives a monthly base pay plus commission on all that she sells. If she sells $400 worth of merchandise in one month, she is paid $292. If she sells $800 of merchandise in one month, she is paid $384.
Here is the salary function used to represent this situation in terms of the amount of merchandise sold:
s(x) = 0.23x + 200
Find Alysse's salary when she sells $2,200 worth of merchandise.
Step-by-step explanation:
As a salesperson at Scrapbooks and Treasures, Alysse receives a monthly base pay plus commission on all that she sells. If she sells $400 worth of merchandise in one month, she is paid $292. If she sells $800 of merchandise in one month, she is paid $384.
Here is the salary function used to represent this situation in terms of the amount of merchandise sold:
s(x) = 0.23x + 200
Find Alysse's salary when she sells $2,200 worth of merchandise.
Suppose that 17 inches of wire costs 85 cents. At the same rate, how many inches of wire can be bought for 65 cents?
Answer:
13 inches
Step-by-step explanation:
17=85
1=85/17
1=5
Now
For 65 cents,
65=nx5
65/5=n
n=13 inches
Answer: 13 inches
Step-by-step explanation:
To solve this problem you would need to make a ratio.
A Ratio can be the symbol, : , / or the word to.
In this case you would need to do the problem as shown:
17/85 = x/65
First you would need to cross multiply, then flip the equation. And should end up with something like this:
85x =1105
Then Divide both sides by 85.
85x/85 = 1105/85
Answer:
X= 13
I need help with this ( Q7 to Q12 )
The values of the composite function are (f + g)(x) = 2x² + 3x - 2, (f - g)(x) = -2x² + 3x - 8, (f . g)(x) = 6x³ + 4x² - 15x - 15, (f o g)(x) = 6x² + 4, (g o f)(x) = 18x² - 60x + 53, (f o g)(3) = 58
What are the values of the composite functionsTo determine the values of the composite functions, we have to evaluate or simplify each as
7. (f + g)(x) = f(x) + g(x) = (3x - 5) + (2x² + 3) = 2x² + 3x - 2
8. (f - g)(x) = f(x) - g(x) = (3x - 5) - (2x² + 3) = -2x² + 3x - 8
9. (f . g)(x) = f(x) * g(x) = (3x - 5) * (2x² + 3) = 6x³ + 4x² - 15x - 15
10. (f o g)(x) = f(g(x)) = f(2x² + 3) = 3(2x² + 3) - 5 = 6x² + 4
11. (g o f)(x) = g(f(x)) = g(3x - 5) = 2(3x - 5)² + 3 = 18x² - 60x + 53
12. (f o g)(3) = f(g(3)) = f(2(3)² + 3) = f(21) = 3(21) - 5 = 58
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Complete the proof that the point (3, 7) does or does not lie on the circle with center (-1, 4) and containing the point (-1, 9).
The point (3, 7) lies on the circle with center (-1, 4) and containing the point (-1, 9).
Describe Distance Formula?The distance formula is a mathematical formula used to calculate the distance between two points in a two or three-dimensional space. It is derived from the Pythagorean theorem and is given by:
d = √((x2 - x1)² + (y2 - y1)²)
Where d represents the distance between the two points, (x1, y1) and (x2, y2) represent the coordinates of the two points in a two-dimensional space.
To determine if the point (3, 7) lies on the circle with center (-1, 4) and containing the point (-1, 9), we need to calculate the distance between the center of the circle and the point (3, 7), and compare it to the radius of the circle.
Let's first find the radius of the circle. Since the circle contains the point (-1, 9), the distance between the center of the circle and (-1, 9) is equal to the radius. Using the distance formula, we get:
radius = √[(9 - 4)² + (-1 - (-1))²] = √[25] = 5
Now let's find the distance between the center of the circle (-1, 4) and the point (3, 7):
distance = √[(7 - 4)² + (3 - (-1))²] = √[3² + 4²] = 5
We see that the distance between the center of the circle and the point (3, 7) is equal to the radius of the circle. Therefore, the point (3, 7) lies on the circle with center (-1, 4) and containing the point (-1, 9).
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On a 8 question multiple-choice test, where each question has 2 answers, what would be the probability of getting at least one question wrong?
On an 8-question multiple-choice test, where each question has 2 answers, the probability of getting at least one question wrong is [tex]\frac{1023}{1024}[/tex]
Probability is a way to gauge how likely something is to happen1. It is expressed as a number between 0 and 1, where 0 denotes an impossibility and 1 denotes a certainty for the event.
In an 8-item multiple-choice test with 2 possible answers for each, the likelihood of getting at least one question wrong can be computed as follows:
P(at least one mistake) = 1 - P (none wrong)
P(at least one wrong) [tex]=1-(\frac{1}{2})^{10[/tex]
P(at least one wrong) [tex]=1-\frac{1}{1024}\\\\=\frac{1023}{1024}[/tex]
On an 8-question multiple-choice test, where each question has 2 answers, the probability of getting at least one question wrong is [tex]\frac{1023}{1024}[/tex]
The complete question is-
On an 8-question multiple-choice test, where each question has 2 answers, what would be the probability of getting at least one question wrong?
Give your answer as a fraction
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Anyone pls help me do this equation
Nicky had $73 initially. Since Abby had the same amount, Abby also had $73 initially.
What is polynomials?Using variables and coefficients, polynomials are algebraic expressions. The term "indeterminates" is sometimes used to describe variables. The terms Poly and Nominal, which together signify "many" and "terms," make up the word polynomial. When exponents, constants, and variables are combined using mathematical operations like addition, subtraction, multiplication, and division, the result is a polynomial (No division operation by a variable). The expression is categorized as a monomial, binomial, or trinomial based on the number of terms it contains.
After Abby spent $37, she had A - 37 dollars left. After Nicky spent $61, she had N - 61 dollars left. We also know that after Abby spent $37, she had 3 times as much money as Nicky. So we can set up an equation:
A - 37 = 3(N - 61)
Substituting A = N from the earlier equation, we get:
N - 37 = 3(N - 61)
Expanding the brackets, we get:
N - 37 = 3N - 183
Simplifying and solving for N, we get:
2N = 146
N = 73
Therefore, Nicky had $73 initially. Since Abby had the same amount, Abby also had $73 initially.
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2x = 7, 2Y = 5, then 2 x - y
The calculated value of the expression 2x - y for the given values of x and y is 9/2.
Evaluating the expression for x and yWe are given that 2x = 7 and 2y = 5, and we are asked to find the value of 2x - y.
This means that
x = 7/2 and y = 5/2
We can start by substituting the given values into the expression:
2x - y = 2(7/2) - (5/2)
Notice that since 2x = 7, then x = 7/2.
Similarly, since 2y = 5, then y = 5/2. Substituting these values into the expression, we get:
2x - y = 2(7/2) - (5/2) = 7 - 5/2 = 9/2
Therefore, the value of 2x - y is 9/2.
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Which measurement is not equal to one mile
Answer:
B
Step-by-step explanation:
5280 yards does not equal one mile
Answer
B.5,280
Step-by-step explanation:
Im just smart like that
If a town with a population of 8,380 doubles in size every 77 years, what will the population
be 462 years from now?
It might just be 536320
A rectangular paperboard measuring 20in long and 12in wide has a semicircle cut out of it, as shown below. What is the perimeter of the paperboard that remains after the semicircle is removed? (Use the value 3.14 for pi , and do not round your answer. Be sure to include the correct unit in your answer.)
Answer:
the perimeter of the paperboard that remains after the semicircle is removed is 82.84 inches.
Step-by-step explanation:
The perimeter of the paperboard that remains after the semicircle is removed is equal to the sum of the four sides of the rectangular portion of the paperboard plus half the circumference of the semicircle.
The rectangle has dimensions of length = 20 inches and width = 12 inches. Therefore, the sum of the four sides of the rectangular portion of the paperboard is:
2(20) + 2(12) = 64 inches
The semicircle has a diameter equal to the width of the rectangle, which is 12 inches. Therefore, the radius of the semicircle is half the diameter, or 6 inches. The circumference of a full circle with a radius of 6 inches is:
2 * 3.14 * 6 = 37.68 inches
Half of the circumference of the semicircle is:
(1/2) * 37.68 = 18.84 inches
Therefore, the perimeter of the paperboard that remains after the semicircle is removed is:
64 + 18.84 = 82.84 inches
Thus, the perimeter of the paperboard that remains after the semicircle is removed is 82.84 inches.
Question 10
According to a study on the effects of smoking by pregnant women on rates of asthma in their
children, for expectant mothers who smoke 20 cigarettes per day, 22.7% of their children
developed asthma by the age of two in the US. A biology professor at a university would like to
test if the percentage is lower in another country. She randomly selects 341 women who only
deliver one child and smoke 20 cigarettes per day during pregnancy in that country and finds that 71 of the children
developed asthma by the age of two. In this hypothesis test,
20 points
the test statistic, z =
and the p-value =
(Round your answers to four decimal places.)
Type numbers in the boxes.
aby Part 1: 10 points
aby Part 2: 10 points
part1)Rounding to four decimal places, the test statistic is z = -1.7918. part2) Rounding to four decimal places, the p-value is p = 0.0728.
what is decimal places ?
Decimal places refer to the number of digits to the right of the decimal point in a decimal number. For example, in the decimal number 3.14159, there are 5 decimal places, with the digit 1 being in the first decimal place, the digit 4 being in the second decimal place, and so on.
In the given question,
Part 1:
To calculate the test statistic, we use the formula:
z = (p - P) / √[(P(1-P))/n]
where p is the sample proportion (71/341 = 0.2082), P is the hypothesized proportion (0.227), n is the sample size (341).
z = (0.2082 - 0.227) / √[(0.227 * 0.773)/341]
z = -1.7918
Rounding to four decimal places, the test statistic is z = -1.7918.
Part 2:
To calculate the p-value, we use a standard normal distribution table or a calculator. Since this is a two-tailed test, we calculate the area in both tails of the distribution.
Using a calculator or a standard normal distribution table, we find that the area to the left of z = -1.7918 is 0.0364. Therefore, the area in the right tail is also 0.0364.
Thus, the p-value is 2*0.0364 = 0.0728.
Rounding to four decimal places, the p-value is p = 0.0728.
Therefore, we would fail to reject the null hypothesis at the 0.05 significance level since the p-value is greater than the level of significance. We do not have enough evidence to suggest that the percentage of children who develop asthma by age two for expectant mothers who smoke 20 cigarettes per day during pregnancy is lower in this other country compared to the US.
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5)
Given:
Prove:
41 and 22 are complementary.
41 = 23
22= 24
23 and 24 are complementary.
2
3
4
7) ∠1≅∠4 on the basis of opposite angles.
8) ∠1≅∠3 on the basis of opposite angles.
9) ∠5≅∠7 on the basis of opposite angles.
What are the rules guiding opposite angles in geometry?Opposite angles in geometry are equal in measure. This is known as the "vertical angles theorem." In other words, if two lines intersect, the opposite angles formed by those lines will have the same degree of measurement.
7) since ∠1 = ∠2
and ∠3 = ∠4, then by the rule of the congruence of opposite angles, ∠1≅∠4
8) In the above shape, we can see that ∠1 and ∠3 are a opposite angles, hence, they are both equal or congruent.
9) The logic is the same for ∠5 and ∠7. The are opposites hence they are equal.
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Consider the equation and the following ordered pairs: (−4,y) and (x,2) . y=−3x−4 Step 1 of 2 : Compute the missing x and y values so that each ordered pair will satisfy the given equation.
To satisfy the equation y = -3x - 4, we need to substitute the given values of x and y in the equation and check if it holds true.
For the ordered pair (-4, y):
y = -3(-4) - 4
y = 12 - 4
y = 8
So, the ordered pair (-4, 8) satisfies the equation y = -3x - 4.
For the ordered pair (x, 2):
2 = -3x - 4
6 = -3x
x = -2
So, the ordered pair (-2, 2) satisfies the equation y = -3x - 4.
I need the answer pls help
Answer:
The function is shifted 1 unit to the right and then flipped over the x-axis. So the correct result is:
[tex]y = - f(x - 1)[/tex]
The school athletics department is raising money for new gym equipment. To raise $7,200 by spring training, the department decides to sell T-shirts during the fall semester. Based on previous fundraising drives, the expression
–
10p+560 can be used to gauge how many shirts the department will sell depending on the price of a shirt, p.
What is the lowest shirt price the athletics department can use to raise exactly $7,200 in revenue?
Two students are selected at random from a class of 13 males and 6 females. Find the probability that both students are males. (See Example 4. Round your answer to two decimal places.)
The probability that both students selected are males is 0.46.
Multiplication rule of probability:The multiplication rule of probability for independent events states that the probability of two or more independent events occurring together is the product of their individual probabilities.
If event A has probability P(A) and event B has probability P(B), and A and B are independent events, then the probability of both A and B occurring
P(A and B) = P(A) x P(B)
Here we have
There are 13 males and 6 females in the class, for a total of 19 students.
The probability of selecting a male on the first draw is 13/19.
After one male has been selected,
There are 12 males and 6 females left in the class.
The probability of selecting another male on the second draw = 12/18
[ Since there is one less student in the class and one less male]
The probability of selecting two males in a row is the product of the probabilities of each individual event:
P(male and male) = P(male on the first draw) x P(male on the second draw | male on the first draw)
= (13/19) x (12/18)
= 0.456 or approximately 0.46 (rounded to two decimal places).
Therefore,
The probability that both students selected are males is 0.46.
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Round 473,615 to the nearest hundred. O A. 473,610 B. 473,000 O c. C. 473,700 D. 473,600 E. 473.100
473,615 rounded to the nearest hundred is D. 473,600.
What is number rounding?Number rounding or approximation is the adjustment of the digits (up or down) to make rough calculations easier.
The result of number rounding is an estimated value rather than a precise one.
Number rounding or approximation are useful when the precise information is not required for decision-making.
473,615 = 473,600
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How are the points
(4, 5) and (-4, 5) related?
Answer:
The two points (4, 5) and (-4, 5) have the same y-coordinate, which means they lie on a horizontal line. This horizontal line is the x-axis. So, the points are related in that they both lie on the x-axis, with a distance of 8 units between them.
Suppose that 10 years ago you bought a home for $110,000, paying 10% as a down payment, and financing the rest at 8% interest for 30 years.
Your existing mortgage (the one you got 10 years ago)
How much money did you pay as your down payment?
$Correct
11,000
Correct Question 2. Points: 1 out of 1 possible.
How much money was your existing mortgage (loan) for?
$Correct
99,000
Partially correct Question 3. Points: 1 out of 3 possible.
What is your current monthly payment on your existing mortgage?
$Correct
724.96
Note: Carry at least 4 decimal places during calculations, but round your final answer to the nearest cent.
Untried Question 4 Points: 0 out of 2 possible. 2 available on this attempt.
How much total interest will you pay over the life of the existing loan?
Answer:
monthly payment: $726.43interest paid: $162,513.69Step-by-step explanation:
You want to know the monthly payment on a 30-year loan of $99,000 at 8%, and the total interest paid.
PaymentThe monthly payment is given by the amortization formula ...
A = P(r/12)/(1 -(1 +r/12)^(-12t))
where P is the loan amount, r is the annual interest rate, and t is the loan period in years
A = $99000(0.08/12)/(1 -(1 +0.08/12)^(-12·30)) ≈ 726.42692814058
The monthly payment is $726.43.
Interest paidThe total of monthly payments is about 360 times the "exact" value of the monthly payment. There is always a slight adjustment made in the last payment to account for the fact that the payment value is always rounded. We can approximate that adjustment by using the "exact" monthly payment amount: $726.42693
The interest paid is the difference between the total of payments and the original loan amount:
I = 360×$726.42693 -99000 ≈ $162,513.69
The total interest paid is about $162,513.69.
__
Additional comment
If you use 360 times the monthly payment of $726.43, you will compute the interest paid as $162,514.80.
If you compute the future value of the loan after 360 payments of $726.43, you will find it is $4.58. This means the last payment will be $726.43 -4.58 = $721.85, and the total of payments will be $261,510.22, which includes $162,510.22 in interest.
If you make an amortization schedule, where interest is rounded every month (as in "real life"), the result will be different from any of these values. It is $162,510.63. (The last payment is $722.26.)
The upshot is that the amount you determine for total interest paid will depend on the method you use to determine it.
Can i please get help
The expression is equivalent to -4x²-3x-5
Define equationAn equation is a statement of equality between two mathematical expressions that contain variables and mathematical operations. The goal of solving an equation is to determine the value of the variable that make the equation true. For example, in the equation 2x + 5 = 11, the variable x is being multiplied by 2, added to 5, and then compared to the number 11. To solve for x, one must isolate the variable on one side of the equation by performing the same operation on both sides of the equation until the variable is alone on one side. The resulting value of x will make the equation true.
Given expression is:
-4x²+2x-5(1+x)
Solving the expression
-4x²+2x-5-5x
-4x²-3x-5
Hence, the expression is equivalent to -4x²-3x-5.
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NEED BY 15 mins !!!! Identify the leading coefficient of the polynomial!!!!
In a random sample of 892 college students in the United States, 272 say they skip at least one class per week.
Find the point estimate for the proportion parameter for this population. Write your answer as a decimal rounded to three decimal places.
O 0.305
O 0.695
O 0.272
O 0.50
4
The point estimate for the proportion parameter for this population is A)0.305.
What is probability?
Probability is a way of calculating how likely something is to happen. It is difficult to provide a complete prediction for many events. Using it, we can only forecast the probability, or likelihood, of an event occurring. The probability might be between 0 and 1, where 0 denotes an impossibility and 1 denotes a certainty.
In a random sample of 892 college students in the United States, 272 say they skip at least one class per week.
From the given information then,
Sample size n = 892
No of favorable outcomes (i.e successes) x=272
We know ,
The point estimate for the population parameter [tex]\hat P[/tex]=x/n.
Where n=sample size , x=number of success.
Here x = 272 ,n=892 then
The point estimate for the proportion parameter for this population then,
=> [tex]\hat p[/tex] = 272/892 = 0.305.
Hence the point estimate for the proportion parameter for this population is A)0.305.
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Equation in vertex form
Answer:
f(x) = -(x-3)+7
Step-by-step explanation:
Graph the piecewise-defined function
option D is correct answer As we can see, the graph is a parabola for x <= 0 and an exponential curve for x > 0. The function is continuous, but not differentiable at x = 0
what is exponential curve?
An exponential curve is a mathematical curve that rises or falls at an increasing rate as its values get larger. The curve is defined by an exponential function
In the given question,
To graph this function, we can start by plotting the points for different values of x. Since the function behaves differently for x <= 0 and x > 0, we will plot the points separately for each region.
For x <= 0:
x g(x)
-2 4
-1 1
0 0
For x > 0:
x g(x)
0.5 e⁰⁵ = 1.65
1 e = 2.72
2 e²= 7.39
x <= 0 x > 0
As you can see, the graph is a parabola for x <= 0 and an exponential curve for x > 0. The function is continuous, but not differentiable at x = 0 because the derivative from the left and the derivative from the right do not match.
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Charlie is playing a boardgame she is rolling two number cubes.
How many outcomes are possible?
Create an outcome chart to prove your answer
ind the x-intercept and y-intercept of the line.
=+−6x4y21
Write your answers as exact values. Do not write your answers as ordered pairs.
x-intercept:
y-intercept:
The x-intercept is 21/5 and the y-intercept is -7/2 of the given line.
What is the x and y-intercept of a line?
In a two-dimensional Cartesian coordinate system, the x-intercept of a line is the point where the line crosses the x-axis, which means the value of y is zero at that point. The x-intercept can be found by setting y = 0 in the equation of the line and solving for x.
Given that we have to find the y-intercept and x-intercept
The given equation is:
5x - 6y = 21
The x-intercept is the point at which the line crosses the x-axis. At this point, the y-coordinate is zero.
The y-intercept is the point at which the line crosses the y-axis. At this point, the x-coordinate is zero
Finding x-intercept:
To find the x-intercept of a given linear equation, plug in 0 for 'y' and solve for 'x'.
Substitute y = 0 in a given equation
5x - 6(0) = 21
x = 21/5
Thus x-intercept is 21/5.
Finding y-intercept:
To find the y-intercept, plug 0 in for 'x' and solve for 'y'
Substitute x = 0 in a given equation
5(0) - 6y = 21
-6y = 21
-2y = 7
y = -7/2
Thus y-intercept is -7/2
hence, the x-intercept is 21/5 and the y-intercept is -7/2 of the given line.
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Complete question:
Find the y-intercept and x-intercept of the line. 5x-6y=21
help?? would really appreciate it! (i highly dislike being bad at math)
Step-by-step explanation:
Put both of the equations into y = mx + b form to compare them
m = slope if they have the same slope they are parallel and do not intersect
b = y axis intercept
if m and b are equal in each of the equations , they are the same line
2x+y = 0 ======> y = - 2x + 0
2y = -4x + 6 ====> y = - 2x + 3
The both have the same slope = -2 so they are parallel
but they have different b values so they are not the same lines
No intersection means no solution : parallel lines do not intersect
Which point on the number line represents ?
B
A
D
C
Answer:
B = 1/2
A = 1/3
D = 2/3
C = 5/6
Step-by-step explanation:
B = 3/6 = 1/2
A = 2/6 = 1/3
D = 4/6 = 2/3
C = 5/6
What does 2y plus 5 equal
Answer:
[tex]-\frac{5}{2}[/tex] or -2.5
Step-by-step explanation:
1) [tex]2y + 5 = 0[/tex]
2) Move 5 over to the other side by subtracting
[tex]2y = -5[/tex]
3) Divide both sides by 2 so y is alone
[tex]y = -\frac{5}{2}[/tex]
Allan needs to repay a $3000 loan. His bank offers personal loans at 9.5% per year, compounded monthly. Allan can afford to make monthly payments of $100. How long will it take him to repay the loan?
It will take Allan approximately 38 months (rounded up) to repay the loan with monthly payments of $100 at an interest rate of 9.5% per year, compounded monthly.
What is interest rate?Interest rate refers to the percentage of the principal amount charged by a lender to a borrower for the use of money over a certain period of time.
According to question:To calculate the time it takes for Allan to repay the loan, we can use the formula for the present value of an annuity:
PV = PMT x (1 - [tex](1 + r)^-n[/tex]) / r
where:
PV = present value
PMT = monthly payment
r = monthly interest rate (9.5% per year / 12 months = 0.00791667)
n = number of months
Plugging in the given values, we get:
3000 = 100 x (1 - (1 + 0.00791667)[tex]^-n[/tex]) / 0.00791667
Simplifying and solving for n, we get:
n = -ln(1 - (3000 x 0.00791667 / 100)) / ln(1 + 0.00791667)
n = 37.4 months
Therefore, it will take Allan approximately 38 months (rounded up) to repay the loan with monthly payments of $100 at an interest rate of 9.5% per year, compounded monthly.
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