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Radda [10]
3 years ago
12

$175 at 5.45% for 36 months

Mathematics
1 answer:
sweet-ann [11.9K]3 years ago
3 0

Answer:

Results are below.

Step-by-step explanation:

Giving the following information:

$175 at 5.45% for 36 months

<u>First, we need to determine the monthly interest:</u>

Monthly interest= 0.0545/12= 0.004542

<u>Now, we will calculate the interest earned using both simple and compound interest:</u>

Simple interest:

I= P*r*t

I= 175*0.004542*36

I= $28.61

Compound interest:

I= PV*(1+i)^n - PV

I= 175*(1.004542^36) - 175

I= $31.01

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