Total = Principal * (1 + rate)^years
Total = 1,300 * (1.0475) ^ 5
Total = 1,300 *
<span>
<span>
<span>
1.2611599139
</span>
</span>
</span>
Total =
<span>
<span>
<span>
1,639.5</span></span></span>1
Answer:
29
Step-by-step explanation:
350 divided by 12 and you will get an answer of 29.16666667 and when you round off to whole number you will be getting 29 since there is a number less than 5 next to the decimal point .
The second option has a lower amount of interest paid.
In order to determine the loan option that minimizes loan payment, the future value of both loan options has to be determined.
FV = P (1 + r)^nm
FV = Future value
P = Present value
R = interest rate
m = number of compounding
N = number of years
<em><u>First loan option </u></em>
65000( 1 + 0.063/12)^300 = 312,707.21
<em><u>Second loan option </u></em>
65000( 1 + 0.048/12)^240 = 169,435.51
A similar question was answered here: brainly.com/question/23082103
Answer:
its 5%
Step-by-step explanation:
6600-5%= 6270
6600-6270= 330
Answer:
1
Step-by-step explanation:
