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insens350 [35]
2 years ago
11

tony is taking a 5 year loan in the amount of $15,000. The interest is continuously compounded at an annual rate of 7%. How much

will he owe, in dollars, at the end of the loan term?
Mathematics
2 answers:
kobusy [5.1K]2 years ago
7 0

Answer:

$21,038.28

Step-by-step explanation:

Use the equation 15000(1.07)^5 since 1.07 equals to 7% and you are loaning more money to Tony's account for 5 years.  You should get $21,038.28 as your result.

Anna35 [415]2 years ago
7 0

Answer: 21286

Step-by-step explanation:

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<em><u>Solution:</u></em>

<em><u>Given system of equations are:</u></em>

8x + 5y = 18 ------- eqn 1

6x + y = -2 -------- eqn 2

Multiply eqn 2 by -5

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Add eqn 1 and eqn 3 so that y terms gets eliminated

8x + 5y = 18

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( + ) --------------

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Divide both sides by -22

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Substitute the x value in eqn 1

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\text{Thus the solution is } x = \frac{-14}{11} \text{ and } y = \frac{62}{11}

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