The borrower owes $14,760.82 at the end of 8 years
What is compounding interest?
Compounding interest means that earlier interest would earn more interest in the future alongside the loan principal.
Note that in this case the loan continues to accumulate interest because there no repayments, in other words, the loan balance after 8 years, which comprises of the principal and interest for 8 years can be computed using the future value formula of a single cash flow(the single cash flow is the principal) as shown thus:
FV=PV*(1+r/n)^(n*t)
FV=loan balance after 8 years=unknown
PV=loan amount=$5,000
r=annual interest=14%
n=number of times in a year that interest is compounded=2(twice a year)
t=loan period=8 years
FV=$5000*(1+14%/2)^(2*8)
FV=$5000*(1.07)^16
FV=$5000*2.95216374856541
FV=loan balance after 8 years=$14,760.82
Find out more about semiannual compounding on:brainly.com/question/7219541.
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Answer:
105 shifts
Step-by-step explanation:
Hourly net rate of pay = $12
1 shift = 8 hours
⇒ net pay per shift = $12 × 8 = $96
Total cost = tuition + residence + books
= $4500 + $4800 + $700
= $10,000
To calculate how many shifts Joanne needs to work, divide the total cost by the pay per shift and round it up:
Number of shifts = total cost ÷ net pay per shift
= $10,000 ÷ $96
= 104.1666666...
= 105 shifts
<u>Note</u>: we need to round up, as if Joanne works 104 shifts, she will earn $9,984 which is not quite enough to pay for tuition, residence and books.
9514 1404 393
Answer:
(x, y) = (8, 2)
Step-by-step explanation:
The relevant equations are ...
3x -y = 22
x +2y = 12
__
We can eliminate y by adding twice the first equation to the second.
2(3x -y) +(x +2y) = 2(22) +(12)
7x = 56
x = 8
Substituting into the first equation gives ...
3(8) -y = 22
y = 24 -22 = 2
The first number is 8; the second number is 2.
Well, 625 is 5 x 5 x 5 x 5 .
So that would be:
(5)⁴
5 x (5)³
(5)² x (5)²
And you could even go the other way if you want to get silly:
(5)⁵ x (5)⁻¹
(5)⁶ x (5)⁻²
.
.
etc.