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Juliette [100K]
2 years ago
7

Compute the exact interest on $5,870 at 12% if the money is borrowed from June to December of the same year.

Mathematics
1 answer:
yawa3891 [41]2 years ago
7 0

Answer:

The exact interest on $5,870 at 12% is $410.9

Step-by-step explanation:

From the information provided we know that

Principal amount: $5,870

Interest rate: 12% -> 0.12

Time: 7 months (From June to December)

When you know the principal amount, the rate, and the time, the amount of interest can be calculated by using the formula:

I=P\cdot r\cdot t

where P is principal, r is the rate of interest and t is the time in years.

We need to convert the 7 months into 1 year.

7 \>months \cdot \frac{1 year}{12 months} = \frac{7}{12} year

Now we can use the above formula

I=P\cdot r\cdot t=5870\cdot 0.12 \cdot \frac{7}{12} \\I = 0.12\cdot \frac{7\cdot \:5870}{12}\\I = 0.12\cdot \frac{20545}{6}\\I = \frac{2465.4}{6}\\I = 410.9

Therefore the exact interest on $5,870 at 12% is $410.9

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The median value of a home in a particular market is decreasing exponentially. If the value of a home was initially $240,000, th
icang [17]
1st let's calculate the decreasing rate & let V₁ be the initial value & V₂ the final's

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1) Determine when the value of the home will be 90% of its original value.
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Now let's apply the formula
216,000=240,000,e^(-0.01052t), the unknown is t. Solving it by logarithm it will give t=10 years
1.a) Would the equation be set up like so: V=240e^.09t? NON, in any case if you solve it will find t=1 year

2)Determine the rate at which the value of the home is decreasing one year after : Already calculated above :(r=-0.01052)

3)The relative rate of change : it's r = -0.01052


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