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1 year ago

What is the future amount of 12,000 invested for 5 years at 14% compounded monthly?

1 answer:

8 0

The total amount accrued, principal plus interest, with compound interest on a principal of $12,000.00 at a rate of 14% per year compounded 12 times per year over 5 years is $24,067.32.The amount of the initial loan, or principal, is multiplied by one plus the annual interest rate raised to the number of compound periods minus one to determine compound interest.

<h3 /><h3>what is compound interest?</h3>

To begin, change R from a percentage to a decimal, using the formula:

r = R/100 r = 14/100

r = 0.14 rate per year;

Next, find A by solving

A = P(1 + r/n)nt A = 12,000.00(1 + 0.14/12)(12). (5)

A = 12,000.00(1 + 0.011666666666667)(60) (60)

A = $24,067.32

Summary: The total amount accrued, principal plus interest, with compound interest on a principal of $12,000.00 at a rate of 14% per year compounded 12 times per year over 5 years is $24,067.32.

The amount of the initial loan, or principal, is multiplied by one plus the annual interest rate raised to the number of compound periods minus one to determine compound interest. You will then be left with the loan balance plus compound interest.

To learn more about interest refer to:

brainly.com/question/2294792

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3 years ago

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3 years ago

What is the y-intercept of the graph of x - 8 = y-(-5)?

damaskus [11]

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Step-by-step explanation:

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2 years ago

I had a summer job cooking two items at a bbq place. I sell burgers for $9.00 and sell chicken sandwiches for $11.25. Because I

pishuonlain [190]

Answer:

He sold 180 chicken sandwiches and 150 burguers.

Step-by-step explanation:

Since 330 items were sold, then the amount of burguers and chicken sandwiches sold must be equal to this value. From this information we have:

burguers + sandwiches = 330

We know that each burguer cost $9 and each chicken sandwich cost $11.25 and that we made a total of $3,375. So we have:

9*burguers + 11.25*sandwiches = 3,375

From the first equation we have:

burguers = 330 - sandwiches

Applying it on the second equation:

9*(330 - sandwiches) + 11.25*sandwiches = 3,375

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So,

burguers = 330 - 180 = 150

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