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izaiahfieods
25.06.2019 •
Mathematics
Rufus took out a 2 year loan for 1500 at an electronics store to be paid back with monthly at a 14.4 apr compounded monthly if the loan offers no payments for the first 4 months how much will rufus owe when he begins making payment?
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Ответ:
$1573.31
Step-by-step explanation:
We have been given that an electronics store to be paid back with monthly at a 14.4 APR compounded monthly.
As Rufus will begin to make payments after 4 months, so we will find the total amount after 4 months using compound interest formula.
A = Final amount after T years,
P = Principal amount,
r = Interest rate in decimal form,
n = Number of times interest in compounded per year,
T = Time in years.
Let us convert given interest rate in decimal form.
Upon substituting our given values in compound interest formula we will get,
Therefore, Rufus will owe $1573.31 when he begins making payment.
Ответ:
2C
I hope they are the right answers