<span>Ans: I = P*r*t = 900*0.023*1.5 = $31.50
I hope this help</span>
Hello There!
The correct answer would be "B" this is because we are taking 6 and multiply it by our x column which is the "in" column and adding 1 to what we get.
Answer:
I'll setup the problem and you can compute the answer
Step-by-step explanation:
The formula for simple:
I = P*r*t
I = interest
P = loan amount
r = interest rate per period (period = days)
n = number of periods
P = 10,170
r = .0764/365
t = 272
The borrower owes $14,760.82 at the end of 8 years
What is compounding interest?
Compounding interest means that earlier interest would earn more interest in the future alongside the loan principal.
Note that in this case the loan continues to accumulate interest because there no repayments, in other words, the loan balance after 8 years, which comprises of the principal and interest for 8 years can be computed using the future value formula of a single cash flow(the single cash flow is the principal) as shown thus:
FV=PV*(1+r/n)^(n*t)
FV=loan balance after 8 years=unknown
PV=loan amount=$5,000
r=annual interest=14%
n=number of times in a year that interest is compounded=2(twice a year)
t=loan period=8 years
FV=$5000*(1+14%/2)^(2*8)
FV=$5000*(1.07)^16
FV=$5000*2.95216374856541
FV=loan balance after 8 years=$14,760.82
Find out more about semiannual compounding on:brainly.com/question/7219541.
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