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2 answers:
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Answer:
<em>The current balance in the McQuire's account is $-605.11</em>
Step-by-step explanation:
Mr. McQuire deposited his paycheck for a total account balance of $712.34 on Friday.
The next morning, his wife wrote a check for $1,267.45
As, the total account balance is less than the amount of check, so the bank will charge a $50 overdraft fee.
That means, the total amount that will be deducted from his account
So, the current balance in the McQuire's account
Answer:
The amount needed to pay off the loan after 4 years is $70,192
Step-by-step explanation:
When interest is compounded annually, total amount A after t years is given by:
where P is the initial amount (principal), r is the rate and t is time in years.
From the question:
P = $60,000
r = 4% = 0.04
t = 4
The amount needed to pay off the loan after 4 years is $70,192
If we divide the amount by four, we will get the amount that is paid yearly (70192/4 = 17548). $17,548 is paid yearly.