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3 years ago

Otis has saved $18,500 so far to buy a

Mathematics

1 answer:

aliina [53]3 years ago

3 0

9514 1404 393

Answer:

J Compound interest; $298.65

Step-by-step explanation:

Interest compounding pays interest on the interest. For the same annual rate, any amount of compounding will earn more interest.

For short time periods, the effect of compounding is not great. In general, it will be a fraction of the equivalent simple interest rate. Here, the effective multiplier for annual compounding is ...

1.051^4 = 1.22024337

and the effective multiplier for simple interest is ...

1 +0.051·4 = 1.204

Then the difference in interest rate multiplier for the 4-year period is ...

1.22024337 -1.204 = 0.01614337

That fraction of the $18500 principal is $298.65.

Compound interest earns $298.65 more than simple interest in this scenario.

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3 years ago

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3 years ago

Pablo borrowed $50,000 to start a business. Three years later, he repaid the $50,000 along with an interest of $9,375. What was

kiruha [24]

Answer:

The annual interest rate is 6.25%

Step-by-step explanation:

We have been given that

P = $50,000

I = $9,375

t = 3 years

r = ?

The formula for simple interest is given by

$I=Prt\\\\\text{Substituting the known values, we get}\\\\9375=50000(r)\cdot3\\\\r=\frac{9375}{50000\cdot3}\\\\r=0.0625\\\\r=6.25\%$

Therefore, the annual interest rate is 6.25%

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3 years ago