Answer:
$114,000
Step-by-step explanation:
Use formula
where
I = interst
P = principal
r = rate
t = time
First, find the interst for 25 years:
I = unknown
P = $190,000
r = 0.03 (3% as decimal)
t = 25
Now find the interest for 5 years:
I = unknown
P = $190,000
r = 0.03 (3% as decimal)
t = 5
The unpaid balance is
Answer:
Step-by-step explanation:
The formula for this equation is
a is the final result
p is the starting amount (deposited)
r is the interest rate
n is the number of times it's compounded
t is the time
because it says compound annually and it's after 2 years both t and n equal 2. I rounded a for you, but if you don't need it rounded here it is: 3863.345117
Please double check me I may be wrong, this is my second time doing these type of questions