Izzy gets a loan of $2,800 with an APR of 3.5%. She will repay the loan in monthly payments for 9 months. To find the total amou
nt of interest she will pay, Izzy uses an online calculator. What are the correct numbers she should enter?
2 answers:
You might be interested in
The Compound Interest of 10400 at 12.7% for 4 years is 6378.
The principal amount is given as 10400.
The rate of interest is given as 12.7%.
The time period to be calculated is given as 4 years.
The compound interest for the given above is to be calculated.
<h3>What is compound interest?</h3>Compound interest is the interest that we earn both on the principal amount and the interest we earn.
The formula used to calculate compound interest is:
Where P = principal amount, R = rate of interest, and n = number of years.
We have,
P = 10400
R = 12.7%
n = 4 years
Compound interest:
Now,
10400 [ ( 1 + 0.12.7 )^2 - 1 ]
10400 [ 1.127^4 - 1 ]
10400 [ 1.61322 - 1 ]
10400 x 0.6132
6377.56
Rounding to the nearest whole number.
We have,
Compound Interest = 6378.
Thus the Compound Interest of 10400 at 12.7% for 4 years is 6378.
Learn more about Compound Interest here:
#SPJ1
Answer:
Step-by-step explanation:
y=x^5+9
To find inverse function make x the subject, first:
y=x^5+9
y - 9 = x^5
x =
so inverse function of y=x^5+9 is