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Hatshy [7]
3 years ago
11

I need someone to do this question

Mathematics
2 answers:
vfiekz [6]3 years ago
8 0

9514 1404 393

Answer:

  $1487.50

Step-by-step explanation:

The amount of interest due is ...

  I = Prt

where P is the loan amount, r is the annual rate, and t is the number of years. Here, t = 6 months = 1/2 year, so the interest due is ...

  I = $1400×0.125×1/2 = $87.50

The total amount due is the sum of the loan amount and the interest:

  due = $1400 +87.50 = $1487.50

The total amount due after 60 months is $1487.50.

charle [14.2K]3 years ago
6 0

Answer:

$1487.50

Step-by-step explanation:

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At the beginning of year 1, Sam invests $700 at an annual compound interest
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~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+\frac{r}{n}\right)^{nt} \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill &\$700\\ r=rate\to 5\%\to \frac{5}{100}\dotfill &0.05\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{annually, thus once} \end{array}\dotfill &1\\ t=\textit{elapsed years}\dotfill &3 \end{cases}

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