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Irina18 [472]
3 years ago
13

Background Info: Tom finds a second personal loan option. This loan would also require him to repay the principal in one lump su

m after three years.
Loan Option B

Principal: $9,000

Type of Interest: Compound Interest

Interest Rate: 8%

Rate of Accrual: Once per year

Use the formula for annual compound interest.

A = P (1 +r/n )^nt

Remember, A refers to the total amount owed.

Calculate the total amount that Tom would repay.

$10,337
$11,337
$12,337
$13,337
Business
2 answers:
Lana71 [14]3 years ago
8 0

Answer

The total Amount that Tom would pay is B.$11337

Explanation

The formula for annual compound interest is ;

A=P(1+r/n)^nt

A=total amount owed

P=principal, $9000

r=rate

t=3years

A=9000(1+8/100)^3

A=$11337



vlada-n [284]3 years ago
5 0

The total amount that Tom would pay is

B) $11,337

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\left[\begin{array}{ccccc}Year&Beg Principal&Interest&Installment&Ending\\1&175437.77&15789.4&-24500&166727.17\\2&166727.17&15005.45&-24500&157232.62\\3&157232.62&14150.94&-24500&146883.56\\4&146883.56&13219.52&-24500&135603.08\\5&135603.08&12204.28&-24500&123307.36\\6&123307.36&11097.66&-24500&109905.02\\7&109905.02&9891.45&-24500&95296.47\\8&95296.47&8576.68&-24500&79373.15\\9&79373.15&7143.58&-24500&62016.73\\10&62016.73&5581.51&-24500&43098.24\\\end{array}\right]

\left[\begin{array}{ccccc}11&43098.24&3878.84&-24500&22477.08\\12&22477.08&2022.94&-24500&0.02\\\end{array}\right]

(I split into two arrays as I couldn't put  the entire information into one)

c) because of the time value of money the principal generates interest over time making the installment pay up both concept principal and interest.

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