College Mathematics 1

Algebra
Tutor: None Selected Time limit: 1 Day

  1. 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 11-year loan of $70,000.00 for your studio. 

Aug 21st, 2015

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

Given quantity as follow,

Interest rate = 8% 

t = Period or time 11 year 

P = 70,000

n = 12 month/year

r=8/100=0.08

A = 70000 * (1 + 0.08/12) ^ 11*12

=  70000 * (1.00667)^132

Ans = $168,270.85


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Aug 21st, 2015

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