Question

Can you please help me with this question please

Answer 1

Given model is

`A=8000+8000(0.045t)`

Substitute A=12981 to find the value of t, we get

`12981=8000+8000(0.045t)`

Subtracting 8000 from both sides, we get

`12981-8000=8000+8000(0.045t)-8000`

`4981=8000(0.045t)`

Multiplying 8000 and 0.045, we get

`4981=360t`

Dividing both sides by 360, we get

`(4981)/(360)=(360t)/(360)`

`t=13.8361`

Round off nearest tenth, we get

`t=13.8\text{ years}`

Hence it would take 13. 8 years for the loan amount to $ 12981.