The borrower owes $14,760.82 at the end of 8 years
What is compounding interest?
Compounding interest means that earlier interest would earn more interest in the future alongside the loan principal.
Note that in this case the loan continues to accumulate interest because there no repayments, in other words, the loan balance after 8 years, which comprises of the principal and interest for 8 years can be computed using the future value formula of a single cash flow(the single cash flow is the principal) as shown thus:
FV=PV*(1+r/n)^(n*t)
FV=loan balance after 8 years=unknown
PV=loan amount=$5,000
r=annual interest=14%
n=number of times in a year that interest is compounded=2(twice a year)
t=loan period=8 years
FV=$5000*(1+14%/2)^(2*8)
FV=$5000*(1.07)^16
FV=$5000*2.95216374856541
FV=loan balance after 8 years=$14,760.82
Find out more about semiannual compounding on:brainly.com/question/7219541.
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the equation would be y = 30 + x and if your brother will read for 15 minutes then you'll read for 45 minutes i believe.
Answer: the cost per unit of gas is $0.28
Step-by-step explanation:
Let x represent the cost per unit of electricity.
Let y represent the cost per unit of gas.
During one month, a homeowner used 500 units of electricity and 100 units of gas for a total cost of $333. This is expressed as
500x + 100y = 333 - - - -- - -- - -- -1
The next month, 400 units of electricity and 150 units of gas were used for a total cost of $286. This is expressed as
400x + 150y = 286 - - - - - - - - - --2
Multiplying equation 1 by 400 and equation 2 by 500, it becomes
200000x + 40000y = 133200
200000x + 75000y = 143000
Subtracting, it becomes
- 35000y = - 9800
y = - 9800/- 35000
y = 0.28
Substituting y = 0.28 into equation 2, it becomes
400x + 150 × 0.28 = 286
400x = 286 - 42 = 244
x = 244/400 = 0.61
90 grams are equivalent to 0.09 kilograms and 55 grams are equivalent to 0.055.
So 0.09 + 0.055 = 0.145.
0.145 * 12 = 1.74
So 1.74 kilograms of sugar is needed to make 12 crisps.
