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GenaCL600 [577]
2 years ago
14

Manuel borrowed $1,500 from his bank and signed a

Mathematics
1 answer:
Mice21 [21]2 years ago
3 0

Answer:

The total interest to pay back on the loan is $122.40

Step-by-step explanation:

Here. we want to get the amount of interest on the loan

We are going to use the compound interest formula here

A = P(1 + r/n)^nt

where A is the amount to be paid back

P is the amount borrowed called the principal which is $1,500

r is the interest rate which is 4% annually

This is same as 4/100 = 0.04

n is the number of times the interest will be compounded per year ; annually means yearly and so for this case, n = 1

t is the number of years = 2

So we have;

A = 1500(1 + 0.04/1)^(2)(1)

A = 1500(1.04)^(2)

A =$ 1,622.40

So the amount of interest is the difference between the amount borrowed and the value to pay back

That will be;

$1,622.40 - $1,500

= $122.40

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3 years ago
In 2015 Michael purchased a stock for $45.80 a share. During the year he received $1.71 per share in cash dividends. At the end
timama [110]
Michael's initial investment is $45.80, the cost of the share. 
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He receives $47.50 for the stock when he sells it.
His profit on the sale of the stock is $47.50 - 45.80 = $1.70.
His total return on the stock is his total earnings, the dividends plus his profits on the sale of the stock, divided on what he paid initially, $45.80:
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3 years ago
The number 2400 is first increased by 30%.The value obtained is next decreased by 20%.Find the final number
kvasek [131]

<em>2400 is increased by 30%.</em>

so,

2400 + (30/100 * 2400)

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<em>this number is decreased by 20%.</em>

so,

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3 years ago
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