Question

The annual interest rate on a $10,000 loan is 18%. The exponential function that represents this is y = 10000(1.18t). Write the exponential function for this loan in terms of a monthly interest rate.
A) y = 10000(1.014)t
B) y = 10000(1.014)12t
C) y = 10000(1.098)t
D) y = 10000(1.098)12t

Answer 1

Answer:

$y=10000(1.015)^{12t}$

option-B......Answer

Step-by-step explanation:

We are given

amount taken for loan =$10000

so, P=10000

annual interest rate =18%

r=0.18

now, we can use formula

$y=P(1+\frac{r}{n} )^{nt}$

Since, it is compounded monthly

so, n=12

we can plug values

$y=10000(1+\frac{0.18}{12} )^{12t}$

$y=10000(1.015)^{12t}$

Answer 2

Answer:

it B i just took the test