Answer: $76,244.51
Step-by-step explanation:
You need to use the compound interest formula here.
First of all however, you need to convert the terms to monthly figures because the interest is compounded monthly.
4% in months = 4 / 12 = 4/12%
6 years = 6 * 12 = 72 months
Now use the compound interest formula:
= Amount * (1 + rate) ^ number of years
= 60,000 * ( 1 + 4/12%) ⁷²
= $76,244.51
5 is the answer. hope this helped!
If you plug in the x-coordinate into your equation for the line, you get
y = -3(4)/4 + 3
y = -3 + 3
y = 0
Answer:
$26,500.
Step-by-step explanation:
It is given that Ed is a car salesman. he makes 1.5% commission on each car he sells.
He made $397.50 on the last car he sold.
We need to find the sales price of the car.
Let x be the selling price of the car.
1.5% of x = $397.50
Divide both sides by 0.015.
Therefore, the sales price of the car is $26,500.