A couple who borrow $70,000 for 20 years at 7.2%, compounded monthly, must make monthly payments of $551.14. (Round your answers to the nearest cent.) (a) Find their unpaid balance after 1 year. $ (b) During that first year, how much interest do they pay?
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.
A couple who borrow $70,000 for 20 years at 7.2%, compounded monthly, must make monthly payments of $551.14. (Round your answers to the nearest cent.)
$
(b) During that first year, how much interest do they pay?
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