Nicholas sent a chain letter to his friends, asking them to forward the letter to more friends. Every 12
1 answer:
Answer:
Step-by-step explanation:
The problem can be modeled by using the compound growth formula.
Given, Initial number of people who Nicholas sent the chain letter to=50
The growth rate, r =99%=0.99
Period of Growth,k =12 Weeks
Therefore, in any week (t) after Nicholas initially sent the mail, the number of people who receive the email is modeled by the function:
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Answer:
The difference in the amount of interest she would have to pay for the two loans is $1,400
Step-by-step explanation:
The amount of loan Holly is taking out, P = $10,000
The choices available for the loan are;
1) Loan duration, T₁ = 4-year
Interest rate, R₁ = 4%
2) Loan duration, T₂ = 6-year
Interest rate, R₂ = 5%
For the first choice, we have;
The simple interest, I, given by the formula;
For the second choice, we have;
The simple interest, I, given by the formula;
The difference, D, in the amount of interest she would have to pay for the two loans is therefore;
D = I₂ - I₁ = $3,000 - $1,600 = $1,400
The difference in the amount of interest she would have to pay for the two loans = D = $1,400.