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3 years ago

Find the total paid on a $65,000 loan with 6% simple interest for 4 years

Mathematics

1 answer:

zubka84 [21]3 years ago

5 0

Answer:

**If the interest is by year then this should work

The interest is $15600 and the amount is $80600.

Step-by-step explanation:

Problem

You deposit $65000 into a bank account paying 6% simple interest per year. You left the money in for 4 years. Find the interest earned and the amount at the end of those 4 years?

Result:

The interest is $15600 and the amount is $80600.

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Answer:

Null and alternative hypotheses:

H0: p1 = p2

H1: p1 ≠ p2

To find the sample proportions, we have the following:

$p'1 = \frac{x_1}{n_1} = \frac{113}{3180} = 0.0355$

$p'2 = \frac{x_2}{n_2} = \frac{157}{3168} = 0.0495$

$p' = \frac{(x_1 + x_2}{n_1 + n_2} = \frac{113 + 157}{3180 + 3168} = 0.0425$

Calculate Z statistics:

$z = \frac{(p1 -p2)}{\sqrt{(p'(1-p')*(\frac{1}{n1}+ \frac{1}{n2})}}$

$= \frac{(0.0355 - 0.0495)}{\sqrt{(0.0425*(1-0.0425) * (\frac{1}{3180} + \frac{1}{3168})}} = -2.764$

Z = -2.764

P-value = 0.00285

The pvalue is low.

Since the pvalue is low, reject null hypothesis, H0.

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