clamin
  • clamin
PLEASE HELP!! MEDAL!! You owe $10,000 on a car loan. The bank charges a compound interest rate of 9.5% per year. If you don't make any payments on the loan, how much will you owe after 3 years? Round your answers to the nearest whole cent. a.$14,376.61 b.$13,129.32 c.$11,990.25 d.$12,246.83
Mathematics
schrodinger
  • schrodinger
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amistre64
  • amistre64
compound the interest for 3 years ...
amistre64
  • amistre64
\[A=P(1+r/n)^{nt}\]
amistre64
  • amistre64
since loans are usually periodic monthly; n=12

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clamin
  • clamin
i got B @amistre64
amistre64
  • amistre64
im getting 13282 or so, so yeah .. b seems the slosest bet
amistre64
  • amistre64
13129 assumes that there is only one payment made per year ...
amistre64
  • amistre64
not much of a difference tho in such a short time frame i spose

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