interest = Prt
plug in t=3,5
A = P(1+r)^t
Note that the balance in the account after 3.5 years will be the same as the balance after 3 years, since the interest will not be added until the end of the year (compounded annually).
Adam takes a loan of $8,250 at 7% simple rate for 5 years.
a. How much internet will be paid after 3 years?
b. How much interest will be paid in total for the loan?
A. $577.50; $2,887.50
B. $1,732.50; $2,887.50
C. $4,352.00; $7,253.50
D. $17,325.00 $28,875.00
Jose invents $3,250 at 6% interest compounded annually. What will be the balance in the account after 3.5 years?
A. $3,932.50
B. $3,985.23
C. $4,752.00
D. $5,200.00
3 answers
Did you find the answer???
The correct answer for the first question is B, ($1,732.50; $2,887.50)
1 answer