anonymous
  • anonymous
What is the principal balance if the principal plus interest at the end of 1.5 years is $3,360 at an annual interest rate of 8%?
Mathematics
  • Stacey Warren - Expert brainly.com
Hey! We 've verified this expert answer for you, click below to unlock the details :)
SOLVED
At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident, similique sunt in culpa qui officia deserunt mollitia animi, id est laborum et dolorum fuga. Et harum quidem rerum facilis est et expedita distinctio. Nam libero tempore, cum soluta nobis est eligendi optio cumque nihil impedit quo minus id quod maxime placeat facere possimus, omnis voluptas assumenda est, omnis dolor repellendus. Itaque earum rerum hic tenetur a sapiente delectus, ut aut reiciendis voluptatibus maiores alias consequatur aut perferendis doloribus asperiores repellat.
katieb
  • katieb
I got my questions answered at brainly.com in under 10 minutes. Go to brainly.com now for free help!
amistre64
  • amistre64
3360 = P(1.08)^1.5
amistre64
  • amistre64
P = 3360/(1.08)^1.5
anonymous
  • anonymous
it depends how often they pay interest

Looking for something else?

Not the answer you are looking for? Search for more explanations.

More answers

amistre64
  • amistre64
time is still time right?
amistre64
  • amistre64
2993.67 or so
anonymous
  • anonymous
yep but if they pay at the end of 1st year and at the end of the second half year than ti will be x*1.008*1.004
amistre64
  • amistre64
spose it starts in .5 and goes thru the next year? :)
anonymous
  • anonymous
1 less 0 :D
amistre64
  • amistre64
i think the .5 part of the time span takes that into account
amistre64
  • amistre64
100(1.1)^.5 =?
amistre64
  • amistre64
104.88
amistre64
  • amistre64
so that accounts for 1/2 the year as opposed to the ful 10%
anonymous
  • anonymous
it is just 8%
amistre64
  • amistre64
not in my easier example for testing lol
anonymous
  • anonymous
ohh, sorry :)
amistre64
  • amistre64
100 at 10% for half a year
anonymous
  • anonymous
shouldnt it be 105?

Looking for something else?

Not the answer you are looking for? Search for more explanations.