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AlekseyPX
4 years ago
6

a bank offers a home improvement loan with simple interest at an annual rate of 12% j.t. borrows $14000 over a period of 3 years

.how much will he pay altogather
Mathematics
1 answer:
I am Lyosha [343]4 years ago
3 0
Interest = PRT/100
I= 14000*0.12*3
I=5040

Add Interest to the Principal
14000 + 5040
= $19,040 
A is the answer.
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Answer:

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Step-by-step explanation:

y=9,000(1.04)^t is our equation for this.

The 9,000 is the starting amount.

1.04 is the 4% since 4% is 4/100 which equals 0.04, then we add 1 to that since it's increasing in value.

y represents our output.

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Since they give us the amount of years since he deposited the $9,000, we put the number they gave us (2 years) into the equation, replacing t.

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That's the total amount he has now, so to find how much he earned we subtract the starting amount (9000).

734.4.

Edward earned $734.40.

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