The equation for interest is
'Initial amount (interest rate in decimal form) ^ times compounded EX: years'
your equation would be
400(1.04)^10
which equals 592.097713 (not rounded)
Answer:
<em>The monthly payment is $450.71</em>
Step-by-step explanation:
<u>Financial Computing
</u>
Given the loan amount A, the loan term t, and the APR (annual percentage rate), the montly payment is computed as
where f is
The provided data is
Since the payments will be made monthly, the values of n and i are:
Calculating f:
Now for the payments:
Answer:
2.8
Step-by-step explanation:
To find the mean add all the values and divide by the amount of values and when you add everything up it is 14 and dividr by 5 to get 2.8
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Use this equation:
final = original x multiplier^n
Lets calculate the multiplier
5/100 = 1.05
n is the number of years.
Substitute values in:
final = 3500 x 1.05^10
final = 5701.131194
The answer is $5701.13
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