Find the amount John owes at the end of 6 years if $5500 is loaned to her at a rate of 4% compounded monthly.
1 answer:
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Answer:
Step-by-step explanation:
Area of triangle = 0.5 × Base × Height
→ Substitute in the values
200 = 0.5 × 5x × 5x
→ Simplify
200 = 12.5x²
→ Divide both sides by 12.5
16 = x²
→ Square root both sides
4 = x ∴ x = 4
Answer:
Step-by-step explanation:
we know that
The simple interest formula is equal to
where
A is the Final Investment Value
P is the Principal amount of money to be invested
r is the rate of interest
t is Number of Time Periods
in this problem we have
substitute in the formula above