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2 answers:
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Answer:
$1057.3
Step-by-step explanation:
First we'll find the Interest no. 1, which is simple interest, assuming the time 1 year:
S.I= PRT/100
S.I= 780*5.2*1/100
S.I=$40.56
Now we'll find interest no.2, which is compound interest, time is 6 years, Principal amount (780) will remain the same as well as the rate thus (putting in the formula of compound interest- annual- ):
A= $1057.3
Answer:
(D)$2079.23
Step-by-step explanation:
If I borrowed $11,250 from the bank to buy a used car. You will pay the bank back in 5 years with 3.45% interest compounded annually, then:
Principal=$11,250
Time=5 years
Rate=3.45%
Since it is compounded annually, our compound interest will be derived using this formula:
Interest=Amount at the end of 5 years - Principal
where:
Amount,
Therefore our Interest=13329.23-11250 =$2079.23