A bank charges you 8% interest that is compounded monthly.

Algebra
Tutor: None Selected Time limit: 1 Day

A bank charges you 8% interest that is compounded monthly. Use the formula A = P . ( 1 + r/n) nt to Xind the total amount of interest paid for a 10-year loan of $75,000.00 for your studio. 

Jun 16th, 2015

Thank you for the opportunity to help you with your question!

Given quantity as follow,

r = Interest rate 8%

t = Period or time 10 year 

P = 75000

n = 12 month

A = 75000 * (1 + 8/12) ^ 10*12

=  75000 * (0.67)^120

A = 166473.02 Answer

Please let me know if you need any clarification. I'm always happy to answer your questions.
Jun 16th, 2015

Do you need any assistance.

Jun 16th, 2015

Did you know? You can earn $20 for every friend you invite to Studypool!
Click here to
Refer a Friend
...
Jun 16th, 2015
...
Jun 16th, 2015
Dec 4th, 2016
check_circle
Mark as Final Answer
check_circle
Unmark as Final Answer
check_circle
Final Answer

Secure Information

Content will be erased after question is completed.

check_circle
Final Answer