Compound Interest P = $50 r = 3.5% t = 10 years

Can anyone help me but also explain this !

Hatshy [7]

The answer would be 16

8 0

3 years ago

A loan of $100,000 is made today. The borrower will make equal repayments of $3568 per month with the first payment being exactl

Makovka662 [10]

Answer:

The yearly interest rate is 5.20%.

Step-by-step explanation:

This is a compound interest problem

The compound interest formula is given by:

$A = P(1 + \frac{r}{n})^{nt}$

In which A is the amount of money, P is the principal(the initial sum of money), r is the interest rate(as a decimal value), n is the number of times that interest is compounded per unit t and t is the time the money is invested or borrowed for.

In this problem, we have that:

The loan outstanding is the value of the loan that has not been repaid.

Here, it is $$25,044.84$ .

To find the interest rate, we first have to find how much money the borrower will have to pay, that will be the value of A in the compound interest formula.

The total he will have to play is $$25,044.84$ plus the $3,568 he has already paid in each of the previous 2 years = 24 months. So:

$A = 25,044.84 + 24*3,568 = 110,676.84$ .

P is the value of loan, so $P = 100,000$

r is the interest rate, the value we have to find.

We have to find the annual interest rate, so $n = 1$ .

We found the total amount in 2 years, so $t = 2$ .

Solving

$A = P(1 + \frac{r}{n})^{nt}$

$110,676.84 = 100,000(1 + r)^{2}$

$(1 + r)^{2} = 1.1067684$

To find r, i will take the square root of both sides of the equation. So

$\sqrt{(1 + r)^{2}} = \sqrt{1.1067684}$

$1 + r = 1.0520$

$r = 0.0520$

The yearly interest rate is 5.20%.

7 0

3 years ago

Carlota has 3/4 ton of mulch she is going to divide evenly among 5 flower beds. How much mulch will each flower bed contain? Ple

Murljashka [212]

The first thing to do is to turn 5 into a fraction.
5 = 5/1

Now it is just a simple fractional division question:
3/4 / 5/1

With fractional division, all you do is switch around the fraction that is on the right and turn the divide sign into a multiplication sign:
3/4 X 1/5

Now you simply multiply the numerators together, and the denominators together:
3 X 1 = 3
4 X 5 = 20

3/20.

Each flower bed will contain 3/20 of a ton of mulch.

5 0

3 years ago

Alexa took out a $42,000 loan to remodel a house. The loan rate is 8.3% simple interest per year and will be repaid in six month

salantis [7]

Answer: The maturity value is $43743

Step-by-step explanation:

The formula for determining simple interest is expressed as

I = PRT/100

Where

I represents interest paid on the loan.

P represents the principal or amount that was taken as loan.

R represents interest rate.

T represents the duration of the loan in years.

From the information given,

P = 42000

R = 8.3

T = 6 months = 6/12 = 0.5 years

I = (42000 × 8.3 × 0.5)/100 = $1743

The maturity value is the total amount paid after the duration of the loan. It becomes

42000 + 1743 = $43743

7 0

3 years ago

Solve for x in the figure below. Show your work.

ololo11 [35]

Answer:

19

Step-by-step explanation:

The square represents a right angle, 90 degrees, so all you do is subtract the 22 from 90. which is 68. 68 then is subtracted by 11, and you're left with 57. You then divide 57 by 3, because you have 3 x and you want to find x. And you get 19

7 0

3 years ago

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Compound Interest P = $50 r = 3.5% t = 10 years​

Compound Interest P = $50 r = 3.5% t = 10 years