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3 years ago

percentage help please

Mathematics

1 answer:

erica [24]3 years ago

5 0

Answer:

15.84%

Step-by-step explanation:

There is no formula that will tell you the interest rate. It must be computed iteratively or found graphically. A financial calculator can do the work for you.

The parameters this one uses are

number of payments (24)
the amount financed (1925 -125 = 1800)
the monthly payment, negative because it is being paid (-88.00)
the remaining balance after all payments (0)
the number of payments per year (monthly = 12)
the number of times per year interest is compounded (monthly = 12)

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a grandmother deposits $6000 in an account that pays 9% compounded monthly. What will be the value of the account at the child'

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now, we're assuming she made the deposit at the child's birth, namely when year was 0, at the child's twenty-first birthday that'll be 21 years later.

$~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+\frac{r}{n}\right)^{nt} \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill &\$6000\\ r=rate\to 9\%\to \frac{9}{100}\dotfill &0.09\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{monthly, thus twelve} \end{array}\dotfill &12\\ t=years\dotfill &21 \end{cases} \\\\\\ A=6000\left(1+\frac{0.09}{12}\right)^{12\cdot 21}\implies A=6000(1.0075)^{252}\implies A\approx 39437.11$

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3 years ago

*percentage help please*

percentage help please