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Ghella [55]
3 years ago
8

(2) Olena loans her sister Irini $8,000. The loan is to be repaid at a nominal interest rate of 4.8% payable monthly. The monthl

y payments are to be for $ 100 except for a final smaller payment. How much does Irini owe Olena at the end of one year
Business
1 answer:
Zarrin [17]3 years ago
7 0

Answer: $8,392.56

The total amount Irini owed Olena is $8,392.56

Explanation:

By using compound interest to solve the question

A=p (1+ r/n) *nt (raised to power nt)

A= future amount to be returned (unknown)

P= principal (present value) =$8,000

r = 4.8% = 0.048

t = 1year

n = 12 payments in a year ( the rate compounded monthly)

A= 8000 {1 + (0.048/12)} * 12

A = 8000 ( 1+0.004) *12

A = 8000 (1.004) *12

A = $8,392.56 as the amount to owed.

Nt: * 12 means raised to the power of 12.

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