1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Irina-Kira [14]
2 years ago
6

Suzanne is looking at taking out a personal loan. Opportunity Loans is offering her $1600 at 3.45% for 1 year, with interest com

pounding monthly. General Loans is offering her $1600 at 4.2% for 1 year, with interest compounding quarterly. Assuming she makes no payments until the 1 year is up, how much interest will have accrued on each loan? On which loan will she earn the least amount of interest?
Mathematics
1 answer:
AleksAgata [21]2 years ago
8 0

Step-by-step explanation:

So the general formula for compound interest is A = P(1+\frac{r}{n})^{nt} where r is the interest rate, t is the time in years, and n is the amount of compounds per year. So plugging in the values for both equations you'll get

Opportunity Loans:

 A = 1600(1+\frac{0.0345}{12})^{(12)(1)}

 A = 1600(1.002875)^{12}

 A \approx 1600(1.035)

 A = \$1,656.08

  Now to find the interest accrued on this loan you simply subtract 1600 from the A or final amount

 Interest=1656.08-1600\\Interest=56.08

General Loans:

 A = 1600(1+\frac{0.042}{4})^{(4)(1)}

 A = 1600(1.0105)^4

 A \approx 1600(1.042)

 A = 1,668.27

 To find the interest we do the same thing we did in the previous problem

 interest = 1668.27-1600\\interest=68.27

Opportunity loans has the least amount of interest after a year

 

 

You might be interested in
Solve the following inequality: 3-5x-x^2>=0
Dennis_Churaev [7]

Answer:

-5/2+-1/2√37≤x≤-5/2+1/2√37

Step-by-step explanation:

Step 1: Find the critical points

-x^2-5x+3=0

For this equation: a=-1, b=-5, c=3

−1x^2+−5x+3=0

x=−b±√b2−4ac/2a

x=−(−5)±√(−5)2−4(−1)(3)/2(-1)

x=5±√37 /−2

x=-5/2+1/2√37

Step 2: Check intervals in between critical points

x≤-5/2+1/2 √37 (Doesn't work in original inequality)

-5/2+-1/2√37≤x≤-5/2+1/2√37 (Works in original inequality)

x≥-5/2+1/2 √37 (Doesn't work in original inequality)

5 0
3 years ago
Need help solving homework
Lilit [14]
3 + 2 = 1 + 4
2 + 15 = 10 + 7
8 + 9 = 19 - 2
12 - 7 = 14 - 9


Hope this helped!
3 0
2 years ago
Read 2 more answers
When you have 6 significant numbers and want to get 9 what do you do
Leno4ka [110]
I think u add not sure though
8 0
3 years ago
Read 2 more answers
How can i score best mark uee in 2019?
jolli1 [7]

Answer:

You need to study to do good on those exams bud.

8 0
2 years ago
Read 2 more answers
What is the mode of this data set?
Bess [88]
The mode of the data set is 68
6 0
2 years ago
Other questions:
  • What is 12x-10y=-19 in slope intercept form?
    10·1 answer
  • Is 2 1/8 equal to -2 1/8?
    11·2 answers
  • What is 1/6 equivalent to
    13·2 answers
  • If it is 7:20 am how many minutes until 7:46 am
    9·1 answer
  • Rate Problems:
    14·2 answers
  • Plesase help will mark brainliest
    7·1 answer
  • Mutiply and simplify –5gh4 • (–2g3h5)
    7·1 answer
  • 1. Given: 3(m-2) + 14 = 38<br> Prove: m= 10<br> please help it’s a proof
    11·2 answers
  • What is the value of X X+11 2x+8 3x+1
    15·1 answer
  • Solve for x . help anyone ?
    12·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!