Using the simple interest formula, it is found that the APR for the loan is of 4.472%.
<h3>What is the simple interest formula and when it is used?</h3>
Simple interest is used when there is a single compounding per time period.
The amount of money after t years in is modeled by:
In which:
- A(0) is the initial amount.
- r is the interest rate, as a decimal.
The parameters for this problem are:
A(t) = 6 x 511.18 = 3067.08, A(0) = 3000, t = 0.5.
We solve the equation for r to find the APR.
1 + 0.5r = 1.02236
r = (1.02236 - 1)/0.5
r = 0.04472.
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Answer:
$5,875
Step-by-step explanation:
Interest = Principal x Time x Interest Rate
Interest = $5000 x 3.5 x 0.05
Interest = $875
Total Balance will be
$5000 + $875
= $5,875
in 3.5 years
The quotient of 75 divided by 4 is 18.75, or 18
Answer:
14,16
Step-by-step explanation:
Let x be the first even number.
Let y be the 2nd even number.
Given, y - x = 2 (Since they are 2 consecutive even numbers.)
rearranging the equation: y = x+2 (equation 1)
Also given,
(equation 2)
Now we can substitute equation 1 into equation 2 to find x.
Given the smaller even number x, is 14, we will substitute x into equation1 to find y, the bigger even number.
y = 14+2
= 16
Therefore the 2 numbers are 14 and 16.
Answer:It's A I think if not try B
Step-by-step explanation:
