Let me help you, but first I will explain the formula used to calculate monthly compound interest.
The formula used to calculate compound monthly compound interest is
a=p(1+r/n)^nt
P Represents the principal
R Represents the rate (in decimal)
N is basically 12 months
T Represents the time (in years)
Let's plug the numbers in.
First statement
"His bank has offered him a loan at 13% interest for 36 months"
12000(1+.13/12)^(12)(3)
12000(1+.13/12)^(12)(3) = $17,686.64
Second statement
"12% interest for 60 months"
Plug in the numbers into the formula.
12000(1+.12/12)^(12)(5)
12000(1+.12/12)^(12)(5) = 21,000.36
<u>Answer</u>
The answer would be "13% interest for 36 months" as it is much lower compared to the other statement.
solve this answer by using substitution. set the first equation to x=-y+4 then substitute -y+4 for x in the second equation.
2(-y+4) + 3y=0
-2y+8 + 3y=0
y+8=0
y=-8
now use -8 and solve for x
x+(-8)=4
x=12
Answer:
c
Step-by-step explanation:
Answer:
Yes
Step-by-step explanation: Its .5 higher
