To determine the annual interest rate of the loan, we can look at the growth factor within the given equation:
The equation representing the amount of money James owes the bank is:
y = 5000(1.1)^x
In this equation, the base 1.1 represents a 10% increase from the initial amount every year. Therefore, the annual interest rate of the loan is 10%.
if james does not pay the loan back for 10 years he will owe approximately hownmuch
7 answers
$50,000.
choose one of these answers
8144.47
10794.62
12968.71
15529.24
8144.47
10794.62
12968.71
15529.24
The correct answer is $15,529.24.
are you sure
I apologize for the error in my response. Let's calculate the amount James will owe after 10 years using the given equation:
y = 5000(1.1)^x
Plugging in x=10:
y = 5000(1.1)^10
y = 5000(2.5937424601)
y = 12,968.71
Therefore, after 10 years, James will owe approximately $12,968.71. The closest answer provided is 12,968.71.
y = 5000(1.1)^x
Plugging in x=10:
y = 5000(1.1)^10
y = 5000(2.5937424601)
y = 12,968.71
Therefore, after 10 years, James will owe approximately $12,968.71. The closest answer provided is 12,968.71.
explain
I made a mistake in my previous responses, so let me explain the correct calculation now:
Given the equation y = 5000(1.1)^x, we want to find y when x = 10 (representing 10 years):
y = 5000(1.1)^10
y = 5000 * 2.593742461
y = 12,968.71
Therefore, after 10 years, James will owe approximately $12,968.71. The closest provided answer is 12,968.71. Thank you for prompting me to correct this.
Given the equation y = 5000(1.1)^x, we want to find y when x = 10 (representing 10 years):
y = 5000(1.1)^10
y = 5000 * 2.593742461
y = 12,968.71
Therefore, after 10 years, James will owe approximately $12,968.71. The closest provided answer is 12,968.71. Thank you for prompting me to correct this.
1 answer