Mathematics
22.11.2022 11:40
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On the day of a child’s birth, a parent deposits $15000 in a college fund that pays

On the day of a child’s birth, a parent deposits $15000 in a college fund that pays 5% interest, compounded continuously. How long will it take for the account to
have $27,000?
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BigDaddy1220
BigDaddy1220
5,0(53 marks)

d. $312.06

Step-by-step explanation:

The terms of the lease include a 9% interest rate for 36 months with a residual value of 57%

So, residual value is = 17500\times0.57= $9,975

The value of the car = 17500-9975 = $7,525

Monthly payment = \frac{7525}{36}= $209.03

Interest incurred = (17500+9975)\times0.00375= $103.03  

Hence, Jennifer’s monthly lease payment will be =

209.03+103.03 = $312.06

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