Question

Help please I don’t know the answer

Answer 1

Answer:

$16,534.95

Step-by-step explanation:

To compute interest on loans, we use the compounded interest equation. We use the equation $A=P(1+\frac{r}{n})^{nt}$ where

• P is the principle or starting value

• A is the total amount after interest and a period of time

• r is the rate at which interest gathers as a decimal

• t the time in years

• n is the number of times compounded in a year.

For this problem, we know P=$8000, r=19%=0.19, t=4 years and n=2. We substitute into the formula and simplify to find the total amount A.

$A=P(1+\frac{r}{n})^{nt}\\A=8000(1+\frac{0.19}{2})^{2(4)}\\A=8000(1+0.095)^{8}\\A=16,534.95$