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anonymous

  • one year ago

Emma found a 4% interest rate for a $2750 loan for a 3-year term. Blake found the same 4% interest rate on a $2750 loan for a 5-year term. How much more interest will Blake pay on the $2750 loan with the longer term? $

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  1. anonymous
    • one year ago
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    this is a growth at a steady rate. This percentage in decimal form is 0.04. Multiply the loan by 0.04 then add the original amount to the product. Do this for each interval.

  2. anonymous
    • one year ago
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    for example,\[2750*0.04=110\] Now we add 110 to 2750 getting 2860 then you do the same for 2860 and so on. There is an easier way to do this but I am unsure what it is.

  3. anonymous
    • one year ago
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    so how many times do i do that?

  4. anonymous
    • one year ago
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    you do it once per interval, so for Blake, 5 times, and Emma 3. After you get the totals, its quite obvious what to do. Find the Difference of the two.

  5. anonymous
    • one year ago
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    okay then :) can you hold on and then check my final answer?

  6. anonymous
    • one year ago
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    Of course.

  7. anonymous
    • one year ago
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    for the first on - blake- the answer is 4308.33216, am i right?

  8. anonymous
    • one year ago
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    Hmmm.... It looks like one of us Did our math wrong. I got 3345.80 be sure to multiply by 0.04 and not 0.4. I must go for now but i WILL help upon return if someone else hasn't. Be back soon!

  9. anonymous
    • one year ago
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    ( I roundeed the decimal by the way)

  10. anonymous
    • one year ago
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    i did do that wrong (the 0.04) and thanks for the help! ^^

  11. anonymous
    • one year ago
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    not a problem! did you get 251.85?

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spraguer (Moderator)
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