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zysi [14]
3 years ago
9

maxine took out a loan for $3200 at 8% interest, compounded annually. if she makes yearly payments of $250, will she ever pay of

f the loan?
Mathematics
2 answers:
AlladinOne [14]3 years ago
7 0

Answer: No, because $250 is less than the amount of interest she is charged per year.

Step-by-step explanation:

UkoKoshka [18]3 years ago
4 0

Solution:

As per the problem

Maxine took out a loan for $3200 at 8% interest, compounded annually.

she makes yearly payments of $250.

she will be able to Payoff her loan iff yearly payments made is greater than yearly interest.

Interest payable in first year =3200(1+0.08)-3200=3200*1.08-3200\\

Interest payable in first year=3456-3200=256

This payable interest will goes on increasing year on year.

Hence Maxine will never payoff the loan.

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