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3 years ago

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Mia deposits $300 into an account that pays simple interest at a rate of 5% per year, how much interest would she be payed in th

e first 2 years?

1 answer:

sineoko [7]3 years ago

7 0

Answer: $30

Step-by-step explanation:

I=PRT

I= (300)(0.05)(2)

I= 15(2)

I= 30

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Paul has an eight-year loan with a principal of $26,900. The loan has an interest rate of 8.18%, compounded quarterly. If Paul p

babymother [125]

Answer:

The answer is "option b"

Step-by-step explanation:

Amount = $26,900

r= 0.0818 %

$i=\frac{r}{4}\\\\$

$=\frac{0.0818}{4}\\\\=0.02045$

t= 8 years

$n= 8 \times 4$

$=32$

$D=\frac{1-(1+i)^{-n}}{i}\\$

$=\frac{1-(1+0.02045)^{-32}}{0.02045}\\\\=\frac{1-(1.02045)^{-32}}{0.02045}\\\\=\frac{1-0.52319627}{0.02045}\\\\=\frac{0.47680373}{0.02045}\\\\=23.3155858$

$Q= \frac{Amount}{Discount \ factor }\\$

$=\frac{26900}{23.3155858} \\\\=1153.73468$

Payment $=1153.73468 \times 32\\\\$

$= \$ 36919.5098\\$

$\text{Total interest = Payment - amount}$

$= \$ 36919.5098 - \$ 26900 \\\\ = \$ 10019.5098$

$\text{Finance charge = Total interest + service charge}$

$= \$ 10019.5098 + \$ 1527\\\\ = \$ 11546.5098$

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