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ExtremeBDS [4]
2 years ago
11

you owe 8000 on a motorcycle loan the bank charges a compound interest rato 10.9% poor per year per year if you don't make any p

ayments on the loan how much will you owe after 5 years round to your nearest whole cent
Mathematics
1 answer:
Andru [333]2 years ago
6 0
I=P(1+(r/n))^nt      
I is the value owed
r is the rate in a decimal
n is the times compounded (annually =1, quarterly =4, monthly =12 etc.)
t is time invested
I=8000(1+(.109/1))^5x1
I=8000(1.109)^5
I=8000(<span>1.67748)
$13419.84</span>
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3 years ago
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8 0
3 years ago
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4 0
3 years ago
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