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1 answer:
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Answer:
1. $2,950.62
2. $93.75
Step-by-step explanation:
Ann took out a loan of = $12,000
At an interest rate of = 5.65%
Time = 4 years
Formula of compound interest =
=
=
= 12,000 × 1.24588514
Interest = Amount - principal amount
= $14,950.62 - 12,000
= $2,950.62
Amount that Dan borrowed = $1,250
rate of interest = 5%
Time = 18 months or 1.5 years
Formula of simple interest = P(1+rt)
= 1250(1+(0.05 × 1.5))
= 1250(1+0.075)
= 1250 × 1.075
= 1343.75
Interest = Amount - principal
I = 1343.75 - 1250
= $93.75