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OverLord2011 [107]
3 years ago
15

Your brother is going to buy a car when he graduates, but he doesn't have enough money to pay for it in cash. He takes a loan ou

t at a bank that charges 4% simple interest. If the initial cost of the car is $18,500 and he takes out a 5-year loan, what is the total amount your brother will be paying for the cost of his car?
Mathematics
1 answer:
strojnjashka [21]3 years ago
5 0

Answer:


Step-by-step explanation:$18,500 × .04=

$740×5= $3,700 + $18,500=

$22,200 for total loan

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An Investment of $10,000 yields 8% interest compounded quarterly.
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An Investment of $10,000 yields 8% interest compounded quarterly.  The accumulated capital after 6 months is $10,404. The accumulated capital after 5 years is $14.859.47

From the information given;

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a. we are to determine the amount of the accumulated capital after 6 months.

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Now, using the formula for calculating the amount value of the accumulated capital:

\mathbf{A = P(1 + \dfrac{r}{n})^{nt}}

\mathbf{A = 10000(1 + \dfrac{0.08\times 1}{4})^{4 \times \frac{1}{2}}}

\mathbf{A = 10000(1.02)^2}}

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b. we are to determine the amount of the accumulated capital after 5 years

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\mathbf{A = P(1 + \dfrac{r}{n})^{nt}}

\mathbf{A = 10000(1 + \dfrac{0.08\times 1}{4})^{4 \times 5}}

\mathbf{A = 10000(1.02)^20}}

A = $14859.47

Therefore, we can conclude that the accumulated capital after 6 months is $10,404 and the accumulated capital after 5 years is $14859.47

Learn more about compound  interest here:

brainly.com/question/14295570?referrer=searchResults

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