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Cloud [144]
3 years ago
12

Math 1314 lab module 2

Mathematics
1 answer:
denpristay [2]3 years ago
8 0
What, is there a question or no?
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I think your answer is 680.8
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3 years ago
Joe is considering taking out along with the principal of $15,500 From one of two banks. Bank A charges and interest rate of 6%,
ki77a [65]

Answer:

Step-by-step explanation:

We would apply the formula for determining compound interest which is expressed as

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

Where

A = total cost of the loan at the end of t years

r represents the interest rate.

n represents the periodic interval at which it was compounded.

P represents the principal or initial amount taken as loan.

Considering bank A's offer

From the information given,

P = $15500

r = 6% = 6/100 = 0.06

n = 12 because it was compounded 12 times in a year.

t = 8 years

Therefore,

A = 15500(1 + 0.06/12)^12 × 8

A = 15500(1 + 0.005)^96

A = 15500(1.005)^96

A = $25019.2

The interest paid is

25019.2 - 15500 = $9519.2

Considering bank B's offer

From the information given,

P = $15500

r = 6.5% = 6.5/100 = 0.065

n = 12 because it was compounded 12 times in a year.

t = 7 years

Therefore,

A = 15500(1 + 0.065/12)^12 × 7

A = 15500(1 + 0.0054)^84

A = 15500(1.0054)^84

A = $24366

The interest paid is

24366 - 15500 = $8866

The interest that would by paid on bank B's offer is lower than that of bank A and the duration of the loan offer from bank B is shorter than that of bank A.

Therefore,

Bank A gives you more time to pay up the loan and you end up paying more interest

Bank gives you lesser time to pay up the loan and you end up paying lesser interest.

3 0
3 years ago
I need help with problem 27,28,29
Rom4ik [11]
27 has to be C
I can't see the whole question for 28 and 29
5 0
3 years ago
Read 2 more answers
Chris has finished 30% of an art project that has taken him a total of 9 hours so far. If he continues to work at the same rate,
Sveta_85 [38]
There was already a question like this on here so i’m going off the answer already given: 30 hours, i hope it’s right
3 0
2 years ago
Read 2 more answers
angelo rode his bike around a bike trail that was 1/4 of a mile long.he rode his bike around thetrail 8 times.Angelo says he rod
forsale [732]
Hi there!

From this problem we can pull out some key information and remove any excess.

- The trail is 1/4 of a mile long.
- Angelo rode around the trail 8 times.
- Angelo claims he rode 8/4 miles.
- Teresa claims he rode 2 miles.

From that we know that if Angelo rode around the trail 8 times and the trail is 1/4 a mile, he in total rode 8/4 of a mile.

However, Teresa claims he rode 2 miles!

And the answer is... they're both correct!

Angelo did indeed ride 8/4 miles however that is equivalent to 2 miles so they are both in the right.
7 0
3 years ago
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