Convert 5/-6 to decimal
1 answer:
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Answer:
Step-by-step explanation:
we know that
The compound interest formula is equal to
where
A is the Final Investment Value
P is the Principal amount of money to be invested
r is the rate of interest in decimal
t is Number of Time Periods
n is the number of times interest is compounded per year
in this problem we have
substitute in the formula above
Answer:
The bank loan out at $5000 at 9%
Step-by-step explanation:
A bank loaned out $20,000
Let x be the amount loaned at at the rate of 9% per year
So, 20000-x amount loaned at at the rate of 17% per year
Formula :
Amount at 9% interest in 1 year
A=1.09x
Interest = Amount - Principal = 1.09x-x=0.09x
Amount at 17% interest in 1 year
A=1.17(20000-x)
Interest = Amount - Principal = 1.17(20000-x)-(20000-x)
We are given that the interest received in one year totaled $3000
So,1.17(20000-x)-(20000-x)+0.09x=3000
x=5000
So, the bank loan out at $5000 at 9%