anonymous
  • anonymous
Help, will medal and fan! (: You are debating about whether to buy a new computer for $800.00 or a refurbished computer with the same equipment for $640.00. If a savings account earns 4.5% APR interest, how much do you really save with a refurbished computer if you put the difference into the savings account for a year?
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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katieb
  • katieb
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zepdrix
  • zepdrix
Hmm I don't know what APR means :( Is that the normal compound interest formula?
anonymous
  • anonymous
Thats true! Didn't think of that lol, and let me see if I can find it (: @zepdrix
anonymous
  • anonymous
APR means Annual Percentage Rate (: @zepdrix

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zepdrix
  • zepdrix
Oh I think I'm being silly, the word `Annual` corresponds to n=1, compounding once per year.\[\large\rm A=P\left(1+\frac{r}{n}\right)^{nt}\]Have you seen this formula before? :)
anonymous
  • anonymous
Yes I have (: I think I might have gotten the answer: so if I were to buy a refurbished computer, I would save $160, which that would lead to earning the 4.5% APR interest?
anonymous
  • anonymous
Which then turns into 7.2, meaning you add it to the $160, coming down to my answer being $167.20?
zepdrix
  • zepdrix
Since they made this problem nice and easy, time = one year, I guess we didn't need that fancy formula ^^ Yes, 4.5% of the saved money is $7.20 So the total saving is $167.20 Yay good job \c:/

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