Subtract. Write your answer in simplest form.
2 answers:
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Answer:
The amount in the account at 12% interest is $3400 and the amount in the second account at 7% interest is $2600
Step-by-step explanation:
Let x be the amount in the account at 12% interest
So, 6000-x is the amount in the second account at 7% interest
First account:
Second account :
We are given that At the end of the first year he had earned $590 in interest.
So,
So,the amount in the account at 12% interest is $3400
The amount in the second account at 7% interest =6000-x=6000-3400=2600
Hence the amount in the account at 12% interest is $3400 and the amount in the second account at 7% interest is $2600
Answer:
6.9%
Step-by-step explanation:
Interest rate is the one variable in an amortization formula that cannot be determined explicitly. An iterative solution is required, which means the computation must be done by a calculator, spreadsheet, or web site.
My TI-84 TVM Solver tells me that for the given loan amount and payment schedule, the APR is about 6.9%.
