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Nataly [62]
3 years ago
11

Jason bought a car for $12500. According to the insurance company, the value of the car depreciates by 7% each year. What will t

he value of car be 5 years after Neil purchased it? Round to the nearest hundredth, if necessary. Do not include the $ sign in your answer.
Mathematics
1 answer:
Orlov [11]3 years ago
3 0

Answer:

8696.10

Step-by-step explanation:

If a car depreciates by 7% each year, this means that 7% of its value that year is subtracted from its previous value. In other words, you can multiply its value by (1-0.07)=0.93.

12500\cdot 0.93^5\approx 8696.10. Hope this helps!

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Melissa Costouras obtains a $3,000 loan for darkroom equipment. She makes six monthly payments of $511.18. Determine the APR.
nasty-shy [4]

Using the simple interest formula, it is found that the APR for the loan is of 4.472%.

<h3>What is the simple interest formula and when it is used?</h3>

Simple interest is used when there is a single compounding per time period.

The amount of money after t years in is modeled by:

A(t) = A(0)(1 + rt)

In which:

  • A(0) is the initial amount.
  • r is the interest rate, as a decimal.

The parameters for this problem are:

A(t) = 6 x 511.18 = 3067.08, A(0) = 3000, t = 0.5.

We solve the equation for r to find the APR.

A(t) = A(0)(1 + rt)

3067.08 = 3000(1 + 0.5r)

1 + 0.5r = \frac{3067.08}{3000}

1 + 0.5r = 1.02236

r = (1.02236 - 1)/0.5

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More can be learned about simple interest at brainly.com/question/25296782

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5 0
1 year ago
Help me with this as well i am struggling
Ilya [14]

Answer:

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Step-by-step explanation:

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8 0
2 years ago
8.EE.8
IceJOKER [234]

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4 0
3 years ago
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