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slava [35]
2 years ago
5

Compound interest Plz help!!!

Mathematics
1 answer:
liraira [26]2 years ago
8 0

Answer:

a) A(t) = 17500(1.0053)^{12t}

b) The balance after 8 years will be of $29,069.

Step-by-step explanation:

Compound interest:

The compound interest formula is given by:

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

Where A(t) is the amount of money after t years, 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 year and t is the time in years for which the money is invested or borrowed.

a)

Loan of $17,500 means that P = 17500

6.4% interest rate means that r = 0.064

Compounded monthly means that n = 12. So

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

A(t) = 17500(1 + \frac{0.064}{12})^{12t}

A(t) = 17500(1.0053)^{12t}

b)

This is A(8). Then

A(8) = 17500(1.0053)^{12*8} = 29069

The balance after 8 years will be of $29,069.

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