Answer:
Total amount that Matthew's bank will receive is $10099.81.
Step-by-step explanation:
We need to find the amount Matthew's bank will receive after lending him $8,000 for four years at an interest rate of 6 percent, compounded annually.
The formula for compound interest is:
Where A = future value
P= Principal Amount
r = interest rate
and n= time
So in the question we are given:
P= $8000
r = 6% or 0.06
t = 4 (since 4 yeras compounded annually)
A= 8000*(1+0.06)^4
A= 8000*(1.06)^4
A= 10099.81
So, total amount that Matthew's bank will receive is $10099.81.
Hey there! I'm happy to help!
Let's look at the factors of each of these numbers.
25
1,25
5,5
30
1,30
2,15
3,10
5,6
The greatest common factor between these is 5. Therefore, we divide 25+30 by 5 and put the 5 on the outside.
5(5+6).
This has the same value but it is just written differently.
Have a wonderful day! :D
Answer:
25%
Step-by-step explanation:
The question is:
6 is what percent of 24?
Set up the problem:
6 x
---- = -----
24 100
600 / 24 = 25%
Check your answer:
25% + 25% + 25% + 25% = 100%
6 + 6 + 6 + 6 = 24
The answer is 10.24695. Which is 10.2 for you!
Answer:
Simple interest is calculated using initial principle while compound interest is calculated considering the interest also .
Step-by-step explanation:
Interest is the cost of borrowing money, where the borrower pays a fee to the lender for using his money. The interest, typically expressed as a percentage, can either be compounded or simple .
Simple interest is based on the principal amount , while compound interest is based on the principal amount and the interest that adds onto it in every period and the final principle is used for calculating the interest.
Simple interest is calculated on the principal amount of a loan and it's easier to find out than compound interest.
