compound interest equation for annually compounded

A=final amount
P=principal
r=rate in decimal
t=time in years
given that
A=1550
P=1000
r=5.5%=0.055
find t

divide both sides by 1000

take ln of both sides

use ln rule 

divide both sides by ln(1.055)

using a calculator, we get that t=8.18544 yrs
so about 8.2yrs
Answer:
10z+34
Step-by-step explanation:
Answer:
$1516.69 per month less
Step-by-step explanation:
The formula for the monthly payment A on a loan of principal P, annual rate r, for t years is ...
A = P(r/12)/(1 -(1 +r/12)^(-12t))
For the 18.5% loan, the monthly payment is ...
A = 150000(.185/12)/(1 -(1 +.185/12)^(-12·30)) ≈ 2321.92
For the 5% loan, the monthly payment is ...
A = 150000(.05/12)/(1 -(1 +.05/12)^-360) ≈ 805.23
The mortgage at 5% would be $1516.69 less per month.