Mr. Steiner purchased a car for about $14,000. Assuming his loan was compounded monthly at an interest rate of 4.9% for 72 months: a. How much will he have paid total? b. How much more did he pay than the price of the car?
Answers
Answer:
Area =144m
Area =144m 2
Length =16m
Length =16mBreadth=
Length =16mBreadth= 16
Length =16mBreadth= 16144
Length =16mBreadth= 16144
Length =16mBreadth= 16144
Length =16mBreadth= 16144 =9m
Length =16mBreadth= 16144 =9mPerimeter =2(l+b)
Length =16mBreadth= 16144 =9mPerimeter =2(l+b)=2(16+9)
Length =16mBreadth= 16144 =9mPerimeter =2(l+b)=2(16+9)=2(25)=50m
Length =16mBreadth= 16144 =9mPerimeter =2(l+b)=2(16+9)=2(25)=50mCost =6×50=300Rs.
Answer:
a. Mr. Steiner has paid a total $18,773.73.
b. He pays $4773.73 more than the price of the car.
Step-by-step explanation:
The formula for compound interest is
P + C.I = P(1 + r/n)^(tn) - P
C.I = compound interest
P = Principal = $14,000
r = rate of interest = 4.9% = 0.049
n = the number of periods in a year = 12
t = the number of years.
tn = 72
Putting the value of P, r, n, tn in the given formula:
P + C.I = 14000(1 + 0.049/12)⁷²
P + C.I = 18,773.73
Thus he needs to pay $18,773.73.
He pays $18,773.73 - $14,000 = $4773.73 more than the cost of the car.
To learn more about compound interest, click on the below link:
https://brainly.in/question/1950647
https://brainly.in/question/11735147
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