Answer:
Enter a payment of 5192.52.
Step-by-step explanation:
Consider the provided information.
The payment is $4800 with a 4 month, 8% note.
The amount can be calculated as:
Where <em>p</em> is money invested, <em>r</em> is annual interest rate, <em>t</em> is number of years and <em>m</em> is number of period.
Now substitute p = 4800 r = 0.08 and m = 4 in the above formula.
Hence, enter a payment of 5192.52.
Answer:
Total amount that Matthew's bank will receive is $10099.81.
Step-by-step explanation:
We need to find the amount Matthew's bank will receive after lending him $8,000 for four years at an interest rate of 6 percent, compounded annually.
The formula for compound interest is:
Where A = future value
P= Principal Amount
r = interest rate
and n= time
So in the question we are given:
P= $8000
r = 6% or 0.06
t = 4 (since 4 yeras compounded annually)
A= 8000*(1+0.06)^4
A= 8000*(1.06)^4
A= 10099.81
So, total amount that Matthew's bank will receive is $10099.81.