Answer: 3.06
Step-by-step explanation:
PEMDAS
Parenthesis first:
(3x1)= 3
(6x1/100)= 0.06
Finally add and then you have 3.06.
Assuming the loan is as described, seven-year loan, which means that Kyle does not repay a cent before seven years.
This is a compound interest problem where n=7 years, interest rate i=0.05, and present value P=8000.
At the end of seven years, Kyle will have to pay
Future value = F = P(1+i)^n = 8000(1.05)^7 = 11256.80 (to the nearest cent)
Answer:
3-th picture
Step-by-step explanation:
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