menu
Qammunity.org
Login
Register
My account
Edit my Profile
Private messages
My favorites
Allan borrows 1870 dollars from his uncle. Two years later, he borrows another 1240 dollars. If his uncle charges him 8 percent interest compounded annually, how much does Allan …
Ask a Question
Questions
Unanswered
Tags
Categories
Ask a Question
Allan borrows 1870 dollars from his uncle. Two years later, he borrows another 1240 dollars. If his uncle charges him 8 percent interest compounded annually, how much does Allan …
asked
Sep 11, 2019
6.7k
views
3
votes
Allan borrows 1870 dollars from his uncle. Two years later, he borrows another 1240 dollars. If his uncle charges him 8 percent interest compounded annually, how much does Allan owe 6 years after the first loan?
Mathematics
high-school
Kedar Sukerkar
asked
by
Kedar Sukerkar
8.9k
points
answer
comment
share this
share
0 Comments
Please
log in
or
register
to add a comment.
Please
log in
or
register
to answer this question.
1
Answer
1
vote
for t=0
Allan borrows--------------------------- > 1870 dollars
for t=6 years
F1 = P*(1 +(r/m))^n
i=r/m
n=m*t---------- >1*6=6
we have
P1=1870
r=8%
m=1
t=6 years
F1 = 1870*(1 +(0.08/1))^6------------------ >2967.45 dollars
for t=2
Allan borrows--------------------------- > 1240 dollars
for t=6 years
F2 = P2*(1 +(r/m))^n
i=r/m
n=m*t---------- >1*4=4
we have
P2=1240
r=8%
m=1
t=4 years------------> (6-2)=4 years
F2 = 1240*(1 +(0.08/1))^4------------------ >1687 dollars
F1+F2=2967.45+1687=4654.45 dollars
the answer is 4654.45 dollars
Abhay Dwivedi
answered
Sep 15, 2019
by
Abhay Dwivedi
7.7k
points
ask related question
comment
share this
0 Comments
Please
log in
or
register
to add a comment.
← Prev Question
Next Question →
Related questions
asked
Apr 9, 2019
125k
views
penny owes her uncle a dollar. She then borrows 4 more dollars from her uncle, but eventually pays him back 3 dollars. How much does Penny still owe her uncle?
Fiddling Bits
asked
Apr 9, 2019
by
Fiddling Bits
8.3k
points
Mathematics
middle-school
2
answers
2
votes
125k
views
asked
May 17, 2024
185k
views
A wooden block has a volume of 1240 cm3 and a density of 3 g/cm3 what is the mass of the wooden blockk
JoL
asked
May 17, 2024
by
JoL
7.7k
points
Chemistry
high-school
1
answer
4
votes
185k
views
asked
Dec 3, 2024
81.4k
views
a library has 3489 nonfiction books 8617 fiction books and 1240 reference book.All the books except the reference books are available for learn how many books are available for loan?
Jonhoare
asked
Dec 3, 2024
by
Jonhoare
8.4k
points
Mathematics
high-school
1
answer
2
votes
81.4k
views
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.
9.4m
questions
12.2m
answers
Other Questions
How do you can you solve this problem 37 + y = 87; y =
What is .725 as a fraction
How do you estimate of 4 5/8 X 1/3
A bathtub is being filled with water. After 3 minutes 4/5 of the tub is full. Assuming the rate is constant, how much longer will it take to fill the tub?
i have a field 60m long and 110 wide going to be paved i ordered 660000000cm cubed of cement how thick must the cement be to cover field
Twitter
WhatsApp
Facebook
Reddit
LinkedIn
Email
Link Copied!
Copy
Search Qammunity.org