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#1.Decreasing the number of years of a loan decreases the amount of interest repaid over the term of the loan. Suppose a dental hygienist has the option of a 30-year loan or a 25-year loan of $345,000 at an annual interest rate of 4.25%.
(a) Calculate the monthly payment (in dollars) for each loan. (Round your answers to the nearest cent.)30-year loan$ 25-year loan$
(b) Calculate the savings in interest (in dollars) by using the 25-year loan. (Round your answer to the nearest cent.)
#2.A credit card bill for $559 was due on September 14. Purchases of $289 were made on September 19, and $18 was charged on September 28. A payment of $350 was made on September 25. The annual interest on the average daily balance is 19.5%. Find the finance charge due (in dollars) on the October 14 bill. (Use 365 for the number of days in a year. Round your answer to the nearest cent.)
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MATH1550H: Assignment: Questions: Let’s assume the department of Mathematics of Trent University has 11 faculty members. For i = 0; 1; 2; 3; find pi, the probability that i of them were born on Canada Day using the binomial distributions.
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