anonymous
  • anonymous
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? $
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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schrodinger
  • schrodinger
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anonymous
  • anonymous
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.
anonymous
  • anonymous
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.
anonymous
  • anonymous
so how many times do i do that?

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anonymous
  • anonymous
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.
anonymous
  • anonymous
okay then :) can you hold on and then check my final answer?
anonymous
  • anonymous
Of course.
anonymous
  • anonymous
for the first on - blake- the answer is 4308.33216, am i right?
anonymous
  • anonymous
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!
anonymous
  • anonymous
( I roundeed the decimal by the way)
anonymous
  • anonymous
i did do that wrong (the 0.04) and thanks for the help! ^^
anonymous
  • anonymous
not a problem! did you get 251.85?

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