Your answer is 2.50 (And the rest of the 0s, but they aren't needed...) Since that is greater then 1, but less than 10.
The borrower owes $14,760.82 at the end of 8 years
What is compounding interest?
Compounding interest means that earlier interest would earn more interest in the future alongside the loan principal.
Note that in this case the loan continues to accumulate interest because there no repayments, in other words, the loan balance after 8 years, which comprises of the principal and interest for 8 years can be computed using the future value formula of a single cash flow(the single cash flow is the principal) as shown thus:
FV=PV*(1+r/n)^(n*t)
FV=loan balance after 8 years=unknown
PV=loan amount=$5,000
r=annual interest=14%
n=number of times in a year that interest is compounded=2(twice a year)
t=loan period=8 years
FV=$5000*(1+14%/2)^(2*8)
FV=$5000*(1.07)^16
FV=$5000*2.95216374856541
FV=loan balance after 8 years=$14,760.82
Find out more about semiannual compounding on:brainly.com/question/7219541.
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2 hr and 45 minutes is = to 165min, so do 140 divided by 165, and you will get 0.8484miles per minute, which is D
Answer:
$18.50
Step-by-step explanation:
You notice he gets $74 in 4 hours in which when you need to simplify it:
74/4
when you do this you should get
18.5
So Aaron's hourly pay rate is $18.50
