Answer: 21.5406592285
Step-by-step explanation:
The formula is:
Future value = accumulated amount, F = P(1+r)^t
P=principal
r=annual interest rate [compounded annually]
t=number of years of loan
Given:
P=950
r=0.07
t=8
F=950(1.07)^8
= 1632.28 (total amount)
Interest = total amount - principal
=1632.28 - 950
=682.28
X=6 because 2*6=12 and 12+4=16
2,400,000 is my answer (: I calculated it
Answer:
I keep getting 141.421... so rounded it would be 141.4
Step-by-step explanation: