A loan is borrowed for $1200 for 2 years at a compound interest of 6%. Interest is compounded annually. What is the compound amo
2 answers:
You might be interested in
Answer:
(D) 36%
Step-by-step explanation:
Actual cost of truck = $4500
Down payment = $1500
Money left to be paid = 4500-1500 = $3000
A = Monthly payments = 350
n = 10
Principal value (P) = 3000
Using formula,
A=
350 =
= 36% (approx)
Hence (D) is correct.
Answer:
Check the explanation
Step-by-step explanation:
Kindly check the attached images below to see the step by step explanation to the question above.
