Answer:
Compound interest =$14.58
Simple Interest=$14.79
Step-by-step explanation:
Let's assume the interest rate charged on the loan was simple in nature.
-Simple interest is calculated using the formula:
Hence, the simple interest on the loan was $14.79
#If the interest is compound in nature with just one compounding per year:
Hence, the compound interest charged on the loan is $14.58
<u>Answer:</u>
gradient = =
y-intercept =
<u>Step-by-step explanation:</u>
• The slope-intercept form of an equation takes the general form:
,
where:
m = slope,
c = y-intercept.
• We are given the equation:
To change this into the slope-intercept form, we must make y the subject:
[subtract
from both sides]
⇒ [divide both sides by 3]
⇒
• Comparing this equation with the general form equation, we see that:
m =
c = .
This means that the gradient is , and the y-intercept is
.