67.5k views
1 vote
Help please I don’t know the answer

Help please I don’t know the answer-example-1
User Darrel
by
7.5k points

1 Answer

2 votes

Answer:

$16,534.95

Explanation:

To compute interest on loans, we use the compounded interest equation. We use the equation
A=P(1+(r)/(n))^(nt) where

  • P is the principle or starting value
  • A is the total amount after interest and a period of time
  • r is the rate at which interest gathers as a decimal
  • t the time in years
  • n is the number of times compounded in a year.

For this problem, we know P=$8000, r=19%=0.19, t=4 years and n=2. We substitute into the formula and simplify to find the total amount A.


A=P(1+(r)/(n))^(nt)\\A=8000(1+(0.19)/(2))^(2(4))\\A=8000(1+0.095)^(8)\\A=16,534.95



User BenAlabaster
by
8.4k points

No related questions found

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories