Let me help you, but first I will explain the formula used to calculate monthly compound interest.
The formula used to calculate compound monthly compound interest is
a=p(1+r/n)^nt
P Represents the principal
R Represents the rate (in decimal)
N is basically 12 months
T Represents the time (in years)
Let's plug the numbers in.
First statement
"His bank has offered him a loan at 13% interest for 36 months"
12000(1+.13/12)^(12)(3)
12000(1+.13/12)^(12)(3) = $17,686.64
Second statement
"12% interest for 60 months"
Plug in the numbers into the formula.
12000(1+.12/12)^(12)(5)
12000(1+.12/12)^(12)(5) = 21,000.36
<u>Answer</u>
The answer would be "13% interest for 36 months" as it is much lower compared to the other statement.
No, this is because you are subtracting 1/2 in one and adding 1/2 in the other. This will cause two different outcomes
Answer:
the 3rd one
Step-by-step explanation:
no problemo
Answer:
31/40 is a fraction of 77.5
A rate is a special ratio in which the two terms are in different units. A rate<span> is a little bit different than the ratio, it is a special ratio. For this case, the rate would have units of miles per minutes. We calculate as follows:
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rate = 36 miles / 45 min = 0.8 miles per min
distance traveled = 0.8 miles per min ( 60 min ) = 48 miles
