A) Both data sets multiplicative relationships. In Data Set 1, y is 3 times x and in data set 2 y is 3.5 times x B) Both data sh
ow additive relationship. In data set 1, y is 3.5 more than x and in data set 2 , y is 3 more than x C). Both data sets show multiplicative relationships. In data set 1 y is 3.5 times x, and in data 2 and y is 3 times x
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Answer:
The amount needed to pay off the loan after 4 years is $70,192
Step-by-step explanation:
When interest is compounded annually, total amount A after t years is given by:
where P is the initial amount (principal), r is the rate and t is time in years.
From the question:
P = $60,000
r = 4% = 0.04
t = 4
The amount needed to pay off the loan after 4 years is $70,192
If we divide the amount by four, we will get the amount that is paid yearly (70192/4 = 17548). $17,548 is paid yearly.