Miguel66571 Miguel66571
  • 02-04-2018
  • Mathematics
contestada

Suppose you take out a loan for $9,000, at 12% ordinary interest. If the amount of interest is $762.00, what is the time period?

Respuesta :

takahiro
takahiro takahiro
  • 11-04-2018
For the answer to the question above,
Let's figure out the formula first
FV = PV(1+i/n)^(nt)
9762= 9000(1+0.12/12)^(12x)
9762= 9000(1.01)^12x
9762/9000=1.01^12x
1.08467=1.01^12x
ln1.08467/12 x ln1.01=0.681 years (8.17 months) same as my calculator
So,
0.681x360=
245.16 days is
the time period
Answer Link

Otras preguntas

How many hawksbill turtles are left in the world?
If a = b + 2, then (b - a)⁴ = ?
Indicate true or false as to whether the following equation is quadratic 2x-4x+1=0
what types of units are used to describe area?
how do you say I want a bowl of soup in spanish
find the sum of 3b/b+2 and 12/b+2 and express it in simplest form
Which decimal is equal to 7/10?A. 0.71B. 0.7C. 0.07D. 0.071
Identify true statements. (a) A sequence is either arithmetic or geometric. (b) An arithmetic sequence is either increasing or decreasing if common difference i
1. What is the empirical formula for a compound containing 63.8% N and 36.2% O? a. N₂O₅ b. N₂O₃ c. NO₂ d. NO e. N2₂O
Which term describes the example below? A child with a widow’s peak has a mother who is homozygous dominant for a widow’s peak and a father who is homozygous do