07-06-2015
Mathematics

Answered

you owe 8000 on a motorcycle loan the bank charges a compound interest rato 10.9% poor per year per year if you don't make any payments on the loan how much will you owe after 5 years round to your nearest whole cent

Answer :

seanjpowers1 seanjpowers1

07-06-2015

I=P(1+(r/n))^nt
I is the value owed
r is the rate in a decimal
n is the times compounded (annually =1, quarterly =4, monthly =12 etc.)
t is time invested
I=8000(1+(.109/1))^5x1
I=8000(1.109)^5
I=8000(1.67748)
$13419.84

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