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Luda [366]
3 years ago
9

Ms. Chambers applied for a home improvement loan that has an annual interest rate of 6%, compounded monthly. The following expre

ssion represents the total amount that she will spend to pay off the loan in t years.
What is the exponential expression in the form (b)c that reveals the monthly interest rate on the loan?

Mathematics
1 answer:
patriot [66]3 years ago
3 0

Answer:

B. 120,000(1.005)^{12t}

Step-by-step explanation:

We are given that,

The expression representing the amount of the loan with 6% interest rate is,

Loan amount = 120,000(1.06)^t = 120,000(1+0.06)^t

Now, we want to find the amount which represents the loan being compounded monthly.

Thus, we have that,

Loan amount compounded monthly = 120,000(1+\frac{0.06}{12})^{12t}

i.e. Loan amount compounded monthly = 120,000(1+0.005)^{12t}

i.e. Loan amount compounded monthly = 120,000(1.005)^{12t}

Hence, the expression representing the monthly interest rate on the loan is 120,000(1.005)^{12t}.

So, option B is correct.

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