Since only the principal value, interest rate and interest period are given, we can deduce that "finance charge" only includes the interest to be paid at the end of the term. This can be obtained by subtracting the principal value from the future value which we will solve for.
The future value can be solved by using the following compound interest formula:
Let:
F = Future value
P = Principal value
r<span> = annual interest rate </span>
n<span> = number of times that interest is compounded per year</span>
t<span> = number of years</span>
F = P(1 + r/n)^nt
Substituting the given values:
F = 4250(1 + 0.1325/12)^(12*2)
F = 5531.54
Subtracting P from F:
Finance charge = 5531.54 - 4250 = 1281.54
Therefore the finance charge is $1,281.54
Answer:
146,736
Step-by-step explanation:
6114 divided by 24 is 146,736
Answer:
X=9
Step-by-step explanation:
3x-15=12
Add 15 to both sides which makes it
3x=27
Divide by 3, which gives you 9
It should be 40%, you convert 18/45 to a decimal then multiply by 100
Answer:
2/3
Step-by-step explanation:
2 - 1 1/3 = 2/3
