Suppose you want to get a loan for $ 5 , 000 at an interest rate of 5.3 % for 2 years to be paid back in 24 monthly installments. Calculate this loan using simple interest. What is the amount of the monthly payments? Round the answer to the nearest cent (hundredth).

monthly payment =  $56.445

Step-by-step explanation:

given data

loan = $5000

interest rate r = 5.3 % = 0.053

time  t = 2 year = 24 months

solution

we will use here amount of the monthly payments formula that is

monthly payment = principal ×      ................1

put here value and we get

monthly payment = 5000 ×

monthly payment =  $56.445

2 & 7

step-by-step explanation:

he climbs 300 ft/hr at a constant rate. the peak is at 1,500 ft.

when going up, he reaches 600 ft in 2 hours. remember, that he is going in a constant rate. divide 600 with 300:

600/300 = 2

assuming that he takes the same route back (meaning that it's a 1500 ft route back, you can solve.

note also that you are solving when he gets back to 600 ft after he reaches the peak.

first, find the amount of hours it takes to get up the peak. divide the total amount (1500), with the ft/her (300) to get the amount of hours (x):

1500/300 = x

x = 5

it takes jamie 5 hours to get up. now, he is returning down, and reaches 600 (his current destination). remember that he climbs at a constant 300 ft/hr. divide 600 with 300:

600/300 = x

x = 2

now add the two numbers together.

x = 5 + 2 = 7

jamie takes 7 hours to go up the mountain and reach his current position when descending.

(total amount/constant rate) = (time).

remember that it is a constant rate, so in total, when he gets back down the mountain, it will take the same amount of time as when he goes up. the total amount for the round trip is: 5 + 5 = 10.

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