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notka56 [123]
2 years ago
14

Bank A is lending money at 6.4% interest compounded annually. The rate at Bank B is 6.3% compounded monthly, and the rate at Ban

k C is 6.35% compounded daily. Determine the amount of interest you would earn at each bank if you invest $1500 for 12 months.Which bank will you pay the least amount?
Mathematics
1 answer:
Ad libitum [116K]2 years ago
8 0

Answer:

$1596

$1597.28

$1598.33

bank A

Step-by-step explanation:

The formula for calculating compound interest:

FV = P (1 + r/m)^mn

FV = Future value  

P = Present value  

R = interest rate  

N = number of years

m = number of compounding

Bank A = $1500(1.064) = $1596

Bank B = $1500( 1 + 0.063/12)^12 = 1597.28

Bank C = $1500( 1 + 0.0635/365)^365 = $1598.33

Bank A pays the least amount of interest

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3 years ago
Evealute the expression when m= -2 m^2+9m+3
Volgvan

Step-by-step explanation:

m=-2

m^2+9m+3

substitute-2 in m

-2^2+9(-2)+3

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2 years ago
Is 90° an acute angle, right angle, obtuse<br> angle, or straight angle?
VashaNatasha [74]

Answer:

90 degrees is a right angle.

Step-by-step explanation:

|_

^ That would be a 90 degrees angle.

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|

|____

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Imagine this is a graph, that little square of the right would represent 90 degrees.

Angles less than 90 are acute angles, angles over 90 but under 180 degrees would be obtuse, and angles that are equal to 180 degrees are straight.

6 0
2 years ago
Read 2 more answers
What is the sum in simplest form? 5 3/4 + 2 1/2 A) 7 4/6 B) 7 2/3 C) 8 1/4
alina1380 [7]

Answer:

Step-by-step explanation:

5 3/4 + 2 1/2

Add the whole numbers first

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Add the fractions next

3/4 + 1/2 = 3/4 + 2/4 = 5/4 = 1 and 1/4

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8 0
3 years ago
Find the savings plan balance after 18 months with an APR of 3% and monthly payments of $200.
ArbitrLikvidat [17]

The saving plan balance is $3,677.53.

Given that,

  • The no of months is 18.
  • The annual percentage rate is 3% so the monthly rate percentage is 0.25%.
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Based on the above information, the following formula should be used:

FVA = PMT×  [(1+r)^n - 1] ÷ r

= $200 × [(1+ 0.0025)^18 - 1] ÷ 0.0025

= $3,677.53

Therefore we can conclude that the saving plan balance is $3,677.53.

Learn more: brainly.com/question/14191332

4 0
2 years ago
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