Answer:
$600 interest will be paid in the first 5 years
Step-by-step explanation:
Simple interest is calculated only on the principal or initial amount deposited. Jim deposits 6000 into an account that pays simple interest at a rate of 2% per year. The formula for simple interest is expressed as
I = PRT/100
Where
I represents interest after the given time.
R represents the interest loan on the principal.
T represent number of time in years.
P represents principal or initial amount deposited.
From the information given,
R = 2
P = 6000
T = 5
I = (6000 × 2 × 5)/100 = $600
The future amount of Lynnes retirement account can be computed using the formula of amortization or annuity:
P = A[(1+i)^n-1)]/(i)
A= amortization
i= 5.5%
n = 40*12 = 480
Subsituting the variables in th formula, Future amount of Lynne in 40 years is equal to
P = $29,082.71
Answer:
x= -2/33
Step-by-step explanation:
let me know if it is right
Answer:
y = 5x
Step-by-step explanation:
The y intercept is 0 since it crosses the y axis at 0
The slope is rise over run
From (0,0) we go up 5 and to the right 1
5/1 = 5
Slope = 5
The slope intercept equation is
y = mx+b where m is the slope and b is the y intercept
y = 5x+0
y = 5x
20% is what you won't pay therefore 80% is what you'll pay.=80/100*220=$176
