Answer:
Car loans, amortized monthly, and retailer installment loans, also calculated monthly, are examples of simple interest; as the loan balance dips with each monthly payment, so does the interest. Certificates of deposit (CDs) pay a specific amount in interest on a set date, representing simple interest
Answer:
The square root of 7 and the square root of 2
Step-by-step explanation:
We have that every quarter, he will get an 0.8% interest rate. We also have that there will be 14*4=56 periods of repayment. We have that by the formula, if there are n periods and x% is the interest rate, the capital is multiplied by (100+x%)^n.
Suppose Micah invests x money. Then, we have that after 14 years, the capital available will be C=

. We have that C=18500$ and hence that 18500=x*1.562. Thus, solving for x we have that x=11841$.
Micah will need to invest only 11841$ in order to pay for his boat; this shows the importance of saving since he earns a lot of money, around 7k $.
Answer:
Step-by-step explanation:
0.001500 Kilograms (kg)