2) You purchase a car using a $23,000 loan with a 4% simple interest rate. Suppose you pay the loan off after 5
2 answers:
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Answer:
Step-by-step explanation:
1. A number written in scientific notation has the following form:
Where is is a number between 1 and 10 but not including 10, and b is an integer.
2. The negative exponent indicates the number of places the decimal point must be moved to the left to obtain the number as a decimal number.
3. Keeping this on mind, you can know that: if the exponent of a number written in scientific notation indicates that the decimal point must be moved 5 places to the left and another number written in scientific notation indicates that the decimal point must be moved 2 places to the left, then the first number is smaller than the second one.
4. Therefore, you can arrange the numbers given in the problem as following:
Answer:
$268.78
Step-by-step explanation:
We will use the compound interest formula to solve this:
<em>P = initial balance</em>
<em>r = interest rate (decimal)</em>
<em>n = number of times compounded annually</em>
<em>t = time</em>
First, change 3% into its decimal form:
3% -> -> 0.03
Now, plug in the values:
After 10 years, you will have $268.78