$~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+\frac{r}{n}\right)^{nt} \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill &\$500\\ r=rate\to 5\%\to \frac{5}{100}\dotfill &0.05\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{annually, thus once} \end{array}\dotfill &1\\ t=years\dotfill &3 \end{cases} \\\\\\ A=500\left(1+\frac{0.05}{1}\right)^{1\cdot 3}\implies A=500(1.05)^3\implies A\approx 578.81$

4 0

2 years ago

Chin Woo bought a home for $160,000. He put down 20 percent. The mortgage is at 8 1/2 % for 25 years. By using the table in the

blagie [28]

Down payment
160,000×0.20=32,000

128000=X[((1-(1+0.085)^(-25))/0.085]
Solve for x
X=12507.10

6 0

3 years ago

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