Answer:
$311.74
Step-by-step explanation:
A financial calculator computes the payment amount to be $311.74.
___
Your graphing calculator may have the capability to do this. Certainly, such calculators are available in spreadsheet programs and on the web.
___
The appropriate formula is the one for the sum of terms of a geometric series.
Sn = a1·((1+r)^n -1)/(r) . . . . . where r is the monthly interest rate (0.005) and n is the number of payments (480). Filling in the given numbers, you have ...
$620827.46 = a1·(1.005^480 -1)/.005 = 1991.4907·a1
Then ...
$620827.46/1991.4907 = a1 ≈ $311.74
Answer:
Option B.) $8,123.79
Step-by-step explanation:
we know that
The compound interest formula is equal to
where
A is the Final Investment Value
P is the Principal amount of money to be invested
r is the rate of interest in decimal
t is Number of Time Periods
n is the number of times interest is compounded per year
in this problem we have
substitute in the formula above
Week 1 = 5 guppies.
week 2 = 5x 2 = 10 guppies
week 3 = 10 x 2 = 20 guppies
week 4= 20 x 2 = 40 guppies
week 5 = 40 x 2 = 80 guppies
week 6= 80 x 2 = 160 guppies
Yuki had 160 guppies in 6 weeks.
Answer:
a. $60
Step-by-step explanation:
We will use simple interest formula to solve our given problem.
, where
A= Amount after t years.
P= Principal amount.
r= Interest rate in decimal form.
t= Time in years.
Let us find amount of loans repayable after 12 months for taking two amounts of $2000 and $1000.
As $2000 and $1000 are less than 2500, so the rate of loan will be 10%.

12 months = 1 year.




Now let us find amount repayable after 12 months for borrowing $1000.




Adding these amounts we will get total repayable amount after 12 months for borrowing $2000 and $1000 separately.

Now let us find repayable amount after 12 months for taking 1 loan. As $3000 is between $2501 and $7500, so rate of loan will be 8%.





Now let us find difference between both repayable loan amounts.


Therefore, the customer should have saved $60, if he had taken out one loan for $3000 and option a is the correct choice.