anonymous
  • anonymous
The compound interest formula is F = P(1 + i)^n where F is the total amount due, P is the initial cost or amount of money, i is the interest rate, and n is the number of periods interest is computed. A student purchases a $1300 laptop computer for school. The deal does not require payment until 2 years later. If interest is computed monthly, how much does the student have to pay at the end of 2 years? The monthly interest rate is 1.8 percent.
Mathematics
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anonymous
  • anonymous
The compound interest formula is F = P(1 + i)^n where F is the total amount due, P is the initial cost or amount of money, i is the interest rate, and n is the number of periods interest is computed. A student purchases a $1300 laptop computer for school. The deal does not require payment until 2 years later. If interest is computed monthly, how much does the student have to pay at the end of 2 years? The monthly interest rate is 1.8 percent.
Mathematics
katieb
  • katieb
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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.

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anonymous
  • anonymous
If the cost of the laptop is the same, how much does the student owe if the interest rate is 21.6 percent computed annually?
anonymous
  • anonymous
It seems like an exercise to plug in values into that given formula.

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