1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Sergeu [11.5K]
3 years ago
7

Jared borrowed $4000 a year ago at an annual interest rate of 7.9%, compounded quarterly. The loan was to be paid off in four ye

ars, but he wants to pay it off now. How much should his creditor expect as a payout of the loan?
Mathematics
1 answer:
anyanavicka [17]3 years ago
3 0

Answer:

$5469.65

Step-by-step explanation:

Jackson borrowed $4000

Interest= 7.9%= 0.079

N=4

m= "compounded quartely"= 4

If he wants to pay it off now, the amount his creditor expect as a payout of the loan is:

Future Value= X(1+i/m)^nm

FV= 4000(1+0.079/4)^4*4

FV= 4000(1+0.01975)^16

FV= 4000(1.01975)^16

FV= 4000(1.3674121)

FV= 5469.6484

FV= $5469.65

The amount his creditor expect as a payout of the loan is 5469.65 if jared want to pay off the loan now.

You might be interested in
Elena wants to make a scale drawing of her apartment. Her apartment is a rectangle with length 18cm and width 10m. She decides o
Doss [256]

Answer:

<h2>9cm and 5cm </h2>

Step-by-step explanation:

 Note: The unit of the width in the question is suppose to be in cm

     <em>"with length 18cm and width 10m"====>>></em> <em>"with length 18m and width 10m"</em>

so given that the dimension of the room is

<em>18mx10m </em>

This is a reduction process since we aim to transfer the dimension to paper

we are reducing the dimension by 2

and 1cm---2m

since 2m will represent 1cm

then the dimension will be

9cm and 5cm

<em> </em>

5 0
3 years ago
Which of the following reasons can be used to justify statement #3 in the proof?
mixer [17]

c because it is accuet.

hope it helps

7 0
3 years ago
You want to go to europe 5 years from now, and you can save $3,100 per year, beginning one year from today. you plan to deposit
Tanzania [10]
This is the concept of application of compound interest, to calculate the amount I will have after the 5th deposit we proceed as follows;
A=p(1+r/100)^n
where;
A=future amount
p=principle
r=rate
n=number of years
thus substituting the values in our formula we get:
A=3,100(1+8.5/100)^5
A=3,100(1+0.085)^5
A=3100(1.085)^5
A=4,666.34
The amount of money after 5 years will be $4,666.24

6 0
4 years ago
Read 2 more answers
What is the median of 86 90 93 85 79 92
DiKsa [7]
The median is 89 because you need to find the average and then divide by 2 to get you answer.
5 0
3 years ago
Read 2 more answers
Based on the pattern in the table, what is the value of a?
Alexandra [31]

Answer:1/64

Step-by-step explanation: I got it right

3 0
3 years ago
Read 2 more answers
Other questions:
  • Select linear or nonlinear for each function.
    10·2 answers
  • PB is a line segment on a number line. It has endpoints at -2 and 12. What is the coordinate of its midpoint.
    8·1 answer
  • Jacob is a construction worker who earns a yearly income given by the expression 2000x+4000, where x is the number of hours he w
    6·2 answers
  • List the two factor 36 and 48
    13·2 answers
  • PLEASE HELP 13 POINTS
    7·1 answer
  • An = 5 - 7n. What is the value of a12?
    7·1 answer
  • What is the slope of this line?<br> 3x + 5y = -2
    15·2 answers
  • Which expression can be used to model the statement “On Wednesday, Nathaniel earned $10 less than he earned on Tuesday”?
    5·1 answer
  • Find the solution to the system of equations. Round to the nearest tenth if necessary.
    8·1 answer
  • Question 11 of 24
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!