9514 1404 393
Answer:
$2038.85
Step-by-step explanation:
The value of the loan at that point is given by ...
A = P(1 +rt) . . . . . Principal P, rate r, time t (years)
A = $1850(1 + 0.1225·(10/12)) = $2038.85
Ricardo will have paid back $2038.85 at the end of the loan period.
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<em>Additional comment</em>
We assume that the loan accrues simple interest and that the amount due is the sum of principal and interest at the end of the loan period.
The question is not specific as to whether interest compounds, or whether intermediate (monthly) payments are made. There are many possible ways the loan could be repaid, generally involving different amounts for the different terms.
Answer:
solve simultaneously
start by labeling them equation 1 and 2 then choose whether you want to make x or y the subject from knew of the equations
You set up the equation. Then you do 20 minus 12 which gives you 8. You’re left over with x/3 equals 8. 8 multiplied by 3 gives 24, so x equals 24
