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
dalvyx [7]
1 year ago
8

Rajesh invested $30,000 into an account that compounds interest monthly at a rate of 2.16%. He has made arrangements to withdraw

$300 automatically every month to pay off his 10-year student loan. Will Rajesh have enough money in the account to cover all of the required loan payments? (Round to the nearest tenth of a year.)
Mathematics
1 answer:
Bond [772]1 year ago
5 0

By Evaluating the Compound Interest, we come to know that Rajesh will have enough money in the account to cover all of the required loan payments.

The Principal Amount(P) = $30,000

Rate of Interest (r) = 2.16 %

Time(t) = 10 years

Number of Times it is Compounded in a year(n) = 12

Now, we have

A =P(1+\frac{r}{100n}) ^{nt}

Putting all the values, we evaluate the amount,

A =30,000(1+\frac{2.16}{100*12}) ^{12*10}\\\\A = 30,000 * 1.240\\A = 37,225.84

Hence, the Amount after Compound Interest = $37,225.87

Now, The loan amount that he pays = 300 *12*10 = $ 36,000

Yes, he will have enough money in the account to cover all of the required loan payments.

To read more about Compound Interest, visit brainly.com/question/29335425

#SPJ1

You might be interested in
Emily put toys into a square box that is 46 centimeters long. How many square centimeters is the bottom of the box?
Sedaia [141]
If the box is a square and the length of one side is 46cm, then the area of the box in square centimeters is 46 * 46 = 2116.
Final Answer:
d. 2116
Hope I helped :)
7 0
3 years ago
1. What is the slope of the line that passes through the given points? <br> (2, 12) and (6, 11)
Y_Kistochka [10]

Answer:

-1/4x

Step-by-step explanation:

11-12/6-2 = -1/4

8 0
3 years ago
Shannon's family is going to install a custom swing set in the backyard. There are 5 kinds of swings and 3 kinds of slides, and
asambeis [7]

Answer:

15 different swing sets

Step-by-step explanation:

The swing set is composed by one swing and one slide.

There is 5 different types of swing, so there are 5 possibilities to fill the one swing we need.

There are 3 different types of slides, so there are 3 possibilities to fill the one slide we need.

So, to find the total number of swing sets, we just need to multiply the swing possibilities and the slide possibilities:

Number of sets = 5 * 3 = 15 different sets

8 0
3 years ago
2+2 plz help i think it's 22
Kryger [21]

Answer: 4!!!!!!!!!!! Or is it 9?

Step-by-step explanation:

6 0
3 years ago
Read 2 more answers
Write twenty billion,one million thirty thousand and one as a number
Semmy [17]

Answer:

20,001,030,001

5 0
3 years ago
Read 2 more answers
Other questions:
  • As a skateboarder moves up a ramp how does her potential energy change
    11·1 answer
  • Once a woman is cured of the human papilloma virus, she does not have to worry about future effects. Please select the best answ
    15·2 answers
  • Ms.nikkel wants to divide her class of 23 students into 4 equal teams. Is this reasonable?Why or why not?
    13·1 answer
  • a jogger runs 4 miles per hour faster downhill than uphill. if the jogger can run 5 miles downhill in the same time that it take
    7·2 answers
  • The expression below is a sum of cubes. True or false<br> 64x^3+ 125<br> A. True<br> B. False
    13·1 answer
  • PLEASE HELP ASAP ILL GIVE BRAINLIEST
    7·1 answer
  • Pls help I’ll brainlest for the right answer
    13·1 answer
  • What numbers make this expression undefined x^2+3/x^2-11x-12
    15·1 answer
  • Can someone please help me
    5·1 answer
  • at the local pizza Parlor Game tickets can be trader for small toys. The rate is 10 tickets for 4 a small toys. If Meg 155 ticke
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!