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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Answer:
1.about 180 degrees
2.45 degrees
3.1.5
4.4/5
Step-by-step explanation:
2b - 15 > 21
add 15 to both sides:
2b-15+15 > 21 + 15
2b > 36
Divide both sides by 2 :
2b/2 > 36/2
2b = 36
b = 36 / 2
b > 18
hope this helps!
Answer:
x = -2
y= -5
is the solution of the system of equations
Answer:
0.04166666666
I think, im not sure
Step-by-step explanation:
1/3 divided 8 = 0.417 (rounded)
