Miguel66571 Miguel66571
  • 02-04-2018
  • Mathematics
contestada

Suppose you take out a loan for $9,000, at 12% ordinary interest. If the amount of interest is $762.00, what is the time period?

Respuesta :

takahiro
takahiro takahiro
  • 11-04-2018
For the answer to the question above,
Let's figure out the formula first
FV = PV(1+i/n)^(nt)
9762= 9000(1+0.12/12)^(12x)
9762= 9000(1.01)^12x
9762/9000=1.01^12x
1.08467=1.01^12x
ln1.08467/12 x ln1.01=0.681 years (8.17 months) same as my calculator
So,
0.681x360=
245.16 days is
the time period
Answer Link

Otras preguntas

The Spaniards created acequias based on an ancient ________ water management system. a. Babylonian b. Greek c. Roman d. Sumerian
How do states get electors?
Can someone help me find this answer?
Write the equation in vertex form. f(x) = x^2 + 10x - 5
Find the value of X in each triangle (pls I need help this is a test grade)
In 500 BC the Roman government begin to institute what changes
Which of the following is true when comparing an uncatalyzed reaction to the same reaction with a catalyst? A) The catalyzed reaction will be slower. B) The cat
What is the correct chronological order for these important inventions? A.telephone, radio, telegraph, airplane B.airplane, automobile, radio, lightbulb C.radio
Solve for x. −7.8(x+6.5)=−25.74 Enter your answer as a decimal x =
The study of climates and their effect on people is called: 1.astronomy 2.climatology 3.geology 4.meteorology I think it is 2 but I just want to be sure.