XxXisaiahXxX
11.09.2020 •
Mathematics
Can someone please help me on this question
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Ответ:
..................
Ответ:
11 years
Step-by-step explanation:
Given that:
Advert A:
Principal, p = $24,200
Interest rate, r = 6.5% = 6.5/100 = 0.065
Time, t =?
Total Repayment, A = $41,503
Using the relation :
A = p(1 + rt)
Plugging our values
41503 = 24200(1 + 0.065t)
41503 / 24200 = 1 + 0.065t
1.715 = 1 + 0.065t
1.715 - 1 = 0.065t
0.715 = 0.065t
t = 0.715 / 0.065
t = 11 years
Loan in Advert A will be paid back in 11 years