Answer:
Step-by-step explanation:
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l
l l
l l
l____________________________________________l
either the ____ line is 2x-4 or x+1
either the "l" line is the other eq the the _____ one
We are asked to solve for the approximate effective interest rate of the loan and the given values are:
Payday load = $1100
Charge fee = $95
Solving for interest we have:
% interest = $95/$1100
% interest = 8.64 %
The answer to the problem is 8.64%.
Hi there
The formula is
A=p (1+r)^t
A ?
P 50000
R 0.04
T 16 years
So
A=50,000×(1+0.04)^(16)
A=93,649
Best of luck!