First, determine the effective interests given both interest rates.
(1) ieff = (1 + 0.068/12)^12 - 1 = 0.07016
(2) ieff = (1 + 0.078/12)^12 - 1 = 0.08085
Calculating the interests will entail us to use the equation,
I = P ((1 + i)^n - 1)
Substituting the known values,
(1) I = ($5125)((1 + 0.07016)^1/2 - 1)
I = $176.737
(2) I = ($5125)(1 + 0.08085)^1/2 - 1)
I = $203.15
a. Hence, the greater interest will be that of the second loan.
b. The difference between the interests,
d = $203.15 - $176.737
$26.413
You simplify to this 4n+35. Seven times the number, n, and four. what expression represents the phrase 4(n+7) 7<span><span>Ask for details </span> <span>Follow </span> Report</span> <span>by <span>Purplerain7 </span><span>1 hour ago</span></span>
The answer would be x=8.65 and x=0.35
