How do you solve twelve less than the quotient of a number and 7 is -2
1 answer:
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Answer:
Bank West
$242.82
Step-by-step explanation:
To find which bank will yield more interest for Emilio, we can solve for the interest of each bank by using the Compound interest formula:
For the Bank West we have:
n = 4 Quarterly
t = 6 years
r = 3.8% or 0.038
P = 15820
Let's substitute them in the formula.
Now let's solve for the Interest. We subtract our total amount to the principal amount.
Interest = 19849.89 - 15820
Interest = 4029.89
Now let's solve for the First Bank.
n = 12 Monthly
t = 5 years
r = 4.3% or 0.043
P = 15820
Let's substitute them in the formula.
Now for the interest:
Interest = 19607.07 - 15820
Interest = 3787.07
This gives us:
Bank West Interest = $4029.89
First Bank Interest = $3787.07
So Bank West will earn more interest than First Bank.
To find how much more interest we subtract the interest of Bank West to First Bank.
4029.89 - 3787.07 = $242.82