Find an equation of the line L that passes through the point (−2, 9) and satisfies the condition. L is perpendicular to the line
9x + 8y = 2
1 answer:
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Answer:
$25,193.17
Explanation:
Given:
• Principal Felipe borrowed, P=$8000
,• Annual Interest Rate, r=16.5%=0.165
,• Compounding Period, k=12 (Monthly)
,• Time, t=7 years
We want to determine how much he will owe after 7 years.
In order to carry out this calculation, use the compound interest formula below:
Substitute the values defined above:
Finally, simplify and round to the nearest cent.
After 7 years, Felipe will owe $25,193.17.