Can anyone help me with this equation?
2 answers:
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Using compound interest, it is found that the maximum amount of money he can borrow is of $8,700.
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The compound interest formula is given by:
- A(t) is the amount of money after t years.
- P is the principal(the initial sum of money).
- r is the interest rate(as a decimal).
- n is the number of times that interest is compounded per year.
- t is the time in years.
Maximum <u>monthly payments of $200 per month per five years</u>, thus:
- Interest rate of 6.5%, thus
.
- Monthly payments, thus
.
- Five years, thus
.
- The <u>amount he can borrow </u>is the principal.
To the nearest 100, $8,700.
The maximum amount of money he can borrow is of $8,700.
A similar problem is given at brainly.com/question/15340331