Joesl's father is 45. He is 15 years older than twice joe's age. How old Is joe?
1 answer:
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Interest paid after 30 years is $494,546.99.
Solution:
Principal (P) = $195,000
Interest rate (r) = 4.3%
Time (t) = 30 years
n = number of times interest calculated per year
n = 1
Compound interest formula:
where A is the final amount
A = 689546.99
Interest = Amount - Principal
= 689546.99 - 195000
= 494546.99
Interest paid after 30 years is $494,546.99.
The slope is 2
y=2x + b
Plug in a point to solve for b
8 = 2(3) + b
8 = 6 + b
b = 2
The equation is y = 2x + 2