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
d1i1m1o1n [39]
3 years ago
10

You have a part time job in your junior year of high school. You need to borrow $2,000 to purchase a used car to drive to work.

The local bank will lend you money for 2 years at a rate of 9% compounded quarterly. Your uncle offers to lend you the money in the form of a promissory note for 2 years with an annual simple interest rate of 6%. How much money will you save by borrowing the money from your uncle?
Mathematics
1 answer:
VARVARA [1.3K]3 years ago
3 0

Answer:

$149.66

Step-by-step explanation:

Step 1

Calculate Total Amount payable to the bank using compound interest

Total Amount payable (A) =

P(1 + r/n)^nt

P = Principal = $2000

r = Interest rate = 9% = 0.09

n = compounding interest = quarterly = 4

t = time in years = 2

Total Amount payable

= 2000(1 + 0.09/4)^0.09 × 2

A = $ 2,389.66

Interest = A - Principal

= $ 2,389.66 - $ 2,000.00

I (interest) = $ 389.66

Step 2

Calculate the Total amount payable to his uncle using simple interest.

Total Amount (A) = P(1 + rt)

P = Principal = $2000

r = Interest rate = 6% = 0.06

t = time in years = 2

A = 2000(1 + 0.06 × 2)

A = $2,240

A - Principal

= $ 2,240 - $ 2,000.

I (interest) = $240

Step 3

The amount of money you will save by borrowing the money from your uncle is calculated as:

Amount payable to the bank - Amount payable to your uncle

= $ 2,389.66 - $2,240

= $149.66

Therefore, the amount of money you will save by borrowing the money from your uncle is $149.66

You might be interested in
[50 points]
Marina86 [1]

Answer:

\sf \dfrac{1}{10}

Step-by-step explanation:

From the table:

  • Total number of Sophomores = 10
  • Total number of students = 37
  • Total number of Boys who are Sophomores = 1

\sf Probability \ of \ an \ event \ occurring = \dfrac{Number \ of \ ways \ it \ can \ occur}{Total \ number \ of \ possible \ outcomes}

\sf \implies P(Sophomore)=\dfrac{10}{37}

\sf \implies P(Boy \cap Sophomore)=\dfrac{1}{37}

\begin{aligned}\sf P(Boy | Sophomore) & = \sf\dfrac{P(Boy \cap Sophomore)}{P(Sophomore)}\\\\ & = \sf \dfrac{1}{37} \div \dfrac{10}{37}\\\\ & = \sf\dfrac{1}{37} \times\dfrac{37}{10}\\\\ & = \sf\dfrac{1}{10}\end{aligned}

4 0
2 years ago
Possibly free brainliest (Only if you give step-by-step explanation.
klemol [59]

I'll answer ur question but the image is blurry

5 0
2 years ago
Use the graph to write a linear function that relates y to x<br> NO LINKS THANK YOU
kipiarov [429]

Answer:

I uploaded a file hosting link for your question.

See below for more details.

Step-by-step explanation:

m=\frac{change(y)}{change(x)}

=\frac{10-2}{6-0}

=\frac{8}{6}

m=\frac{4}{3}

6 0
2 years ago
Read 2 more answers
A survey asks 48 randomly chosen students if they plan to buy a school newspaper this week. Of the 48 surveyed,32 plant to buy a
spayn [35]
The answer is 540 because 32/48 is 2/3 and 360/540 equals 2/3
4 0
3 years ago
Jermaine has just painted a large mural. It's 8 1/2 feet wide the wall he wants to place it on is 11 3/4 feet wide.Ahout how far
Fittoniya [83]
About 1.63 ft.
First subtract 8.5 from 11.75 which is 3.25
then divide 3.25 by 2 which is 1.625
Therefore about 1.63 ft. away from each side.
3 0
3 years ago
Other questions:
  • This week, Beth made 10 more than twice the number of cookies she made last week, x.
    8·1 answer
  • 1.5 x 10 to the power of 8
    12·2 answers
  • On the day after my birthday this year, I can truthfully say: "The day after tomorrow is a Monday". On which day is my birthday?
    10·2 answers
  • jon spends 2/8 of his money on food 1/5 of his money on fuel and 2/10 of his money on clothes Estimate what fraction of his mone
    5·1 answer
  • You are in charge of creating a billboard advertisement that is 16 feet long and 8 feet tall. You make a scale drawing that is 3
    10·1 answer
  • 0.12 devided by 3.6??
    6·1 answer
  • 4x-6=10x-4 what is x?​
    7·2 answers
  • HELP <br>find the a,b,c of this table<br>​
    10·1 answer
  • If A = [
    7·1 answer
  • Help with Trigonometric identities
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!