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
Ivanshal [37]
3 years ago
5

Wallace took out a $5,000 loan for six years. He is being charged 4 percent interest, compounded annually. Calculate the total a

mount he will pay.
Mathematics
2 answers:
statuscvo [17]3 years ago
7 0
Wallace will pay $6,325 after 6 years.

Given:
Principal = 5,000
interest rate = 4%
Term = 6 years

Compound Interest means that the interest earned will also be earning its own interest.

Compound Interest = Principal x (1+r)^t
C.I. = 5,000 x 1.04⁶
C.I. = 5,000 x 1.265
C.I. = 6,325  TOTAL AMOUNT HE WILL PAY.

6,325 - 5,000 = 1,325 interest for 6 years.
Mrrafil [7]3 years ago
3 0
A=P(1+r/n)^nt A=5000(1+.04/1)^1*6 A=5000(1.04)^6 A=5000(1.265319018) A=6,326.60 (rounded)
You might be interested in
I will give brainliest! How do I find the radius? 5 stars and thanks, even if the answer is incorrect.
Otrada [13]

Answer:divide 3.5 by 2 so its 1.75

Step-by-step explanation:

6 0
3 years ago
Read 2 more answers
Please answer today or tomorrow. The outside temperature was 5 degrees Fahrenheit. How many degrees below the freezing point of
Arada [10]

Answer:

water freezes in 32 degrees

so 32-5=27

so it was 27 degrees bellow the freezjng point of water

5 0
3 years ago
GETS BRAINLIEST AND 11 PTS!
Blababa [14]
I believe the answer to this one would be 75.0%
5 0
3 years ago
Define the type of sequence below.<br> -2, 0, 2, 4, 6,
mihalych1998 [28]

Answer:

Arithmetic sequence.

Step-by-step explanation:  

We have been given a sequence : -2, 0, 2, 4, 6. We are asked to define the type of our given sequence.

We can see from our given sequence that each next term is 2 more than the previous term of the sequence.

0--2=0+2=2

2-0=2

6-4=2

Since the difference between the consecutive terms is constant and each next term is produced by adding 2 to preceding term, therefore, our given sequence is an arithmetic sequence.

3 0
3 years ago
Read 2 more answers
Lillian is going to invest in an account paying an interest rate of 5.7% compounded continuously. How much would Lillian need to
Tems11 [23]

Answer: $5156

Step-by-step explanation:

Given

The rate of interest is 5.7%

time t=7 years

Amount after 7 years, A=\$7600

for compound interest, the Amount is given by

\Rightarrow A=P(1+\frac{r}{100})^T

Put values

\Rightarrow 7600=P(1+0.057)^7\\\\\Rightarrow P=\dfrac{7600}{(1.057)^7}=5,155.71\\\\\Rightarrow P\approx \$5156

5 0
3 years ago
Other questions:
  • 1/3 of the fish in the tank are snappers. 2/9 of the fish are catfish and the rest are goldfish. There are 40 goldfish in the ta
    9·2 answers
  • On average the number of drum sets sold in Michigan each year is 96,537, which is seven times the average number of drum sets so
    8·1 answer
  • Consider that an = 4n-1 represents a sequence. What is the tenth term? A) 361 B) 512 C) 1,024 D) 262,144
    15·2 answers
  • PLEASE SOLVE NOW I WILL MARK BRAINLEST IF SOLVED
    14·1 answer
  • What would the answer for this be
    8·1 answer
  • Solve each given equation and show your work. Tell whether each question has one solution, an infinite number of solutions, or n
    11·1 answer
  • Quick only 5 minutes to answer!
    9·2 answers
  • Concert marketing: The college’s performing arts center wanted to investigate why ticket sales for the upcoming season significa
    12·1 answer
  • If "a" is a solution to the equation 5 + 6a<br> = 7a-3, then what is the value of 2a?
    13·1 answer
  • Match each of the terms listed on the left with exactly one best description from the column on the right geometry
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!