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Cerrena [4.2K]
2 years ago
9

Amber borrows $5,000 from the bank. If she repays the loan in 5 years, the annual interest rate is 8%, compounded annually. Howe

ver, if she can repay the loan in 3 years, the annual rate is 6.5%, compounded annually. How much interest will Amber save by repaying the loan in 3 years? (to the nearest dollar)
A) $1,152
B) $1,307
C) $583
D) $971
Mathematics
1 answer:
Svetllana [295]2 years ago
8 0

Answer:

The answer is (B) $1,307

Step-by-step explanation:

First you would plug the $5000, 5 Years and 8% Interest(Compound) into your Formula - A=P(1+r)t

A=5000(1+.08)5

Which the interest is $2346.64

<u>__      _________________________________________________</u>

Next you would plug $5000, 3 Years and 6.5% Interest(Compound) Into your Formula - A=P(1=r)t

A=5000(1+.065)3

Which the future value is $1039.75

<u>__       _________________________________________________</u>

Finally you would subtract $2346.64 by $1039.75 and then round the difference to the nearest dollar.      

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