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clamin

  • one year ago

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

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  1. amistre64
    • one year ago
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    compound the interest for 3 years ...

  2. amistre64
    • one year ago
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    \[A=P(1+r/n)^{nt}\]

  3. amistre64
    • one year ago
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    since loans are usually periodic monthly; n=12

  4. clamin
    • one year ago
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    i got B @amistre64

  5. amistre64
    • one year ago
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    im getting 13282 or so, so yeah .. b seems the slosest bet

  6. amistre64
    • one year ago
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    13129 assumes that there is only one payment made per year ...

  7. amistre64
    • one year ago
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    not much of a difference tho in such a short time frame i spose

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