Mathematics College

Cliff takes out a $5,000 personal loan with 7
fixed annual interest compounded monthly to pay for his wedding. He repays the loan in 2 year.s

How much total interest does Cliff pay on his loan?

Answers

Answer 1

Cliff pays a total interest of approximately $679.90 on his $5,000 loan.

To calculate the total interest paid on the loan, we need to use the formula for compound interest:

[tex]A = P(1 + r/n)^{(nt)}[/tex]

Where:

A is the final amount (loan amount + interest)

P is the principal (loan amount)

r is the annual interest rate (in decimal form)

n is the number of times interest is compounded per year

t is the number of years

Given that Cliff takes out a $5,000 loan with a fixed annual interest rate of 7% compounded monthly, we can substitute the values into the formula:

P = $5,000

r = 7% = 0.07

n = 12 (monthly compounding)

t = 2 years

[tex]A = 5000(1 + 0.07/12)^{(12 \times 2)[/tex]

Calculating this expression:

A ≈ 5000[tex](1.00583)^{(24)[/tex]

A ≈ 5000(1.13598)

A ≈ 5679.90

The final amount (A) is the loan amount plus the total interest paid. Therefore, to find the total interest paid, we subtract the principal (P) from the final amount (A):

Total Interest = A - P

Total Interest = 5679.90 - 5000

Total Interest ≈ $679.90

For similar question on total interest.

https://brainly.com/question/29415701  

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Related Questions

21x² - 2x + 1/2 =0

find the following quadratic equation by factorization method
PLESE SOMEONE HELP

Answers

Step-by-step explanation:

21x²-2x +1/2 = 0

x² - 2x ×21 + 1/2× 21 = 0

Write an equation for the function graphed below

Answers

The rational function graphed in this problem is defined as follows:

y = -2(x - 1)/(x² - x - 2).

How to define the rational function?

The vertical asymptotes of the rational function for this problem are given as follows:

x = -1 and x = 2.

Hence the denominator of the function is given as follows:

(x + 1)(x - 2) = x² - x - 2.

The intercept of the function is given as follows:

x = 1.

Hence the numerator of the function is given as follows:

a(x - 1)

In which a is the leading coefficient.

Hence:

y = a(x - 1)/(x² - x - 2).

When x = 0, y = -1, hence the leading coefficient a is obtained as follows:

-1 = a/2

a = -2.

Thus the function is given as follows:

y = -2(x - 1)/(x² - x - 2).

More can be learned about rational functions at brainly.com/question/1851758

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Can someone help me please? ASAP

Answers

Answer:

triangle XYZ is similar to triangle RPQ

scale factor = 2/5

Step-by-step explanation:

Angles X and R are given as congruent.

Angles Z and Q are right angles, so they are congruent.

Then, angles Y and P must be congruent.

The similarity statement is

triangle XYZ is similar to triangle RPQ

To find the scale factor, divide the length of a side of the image by the length of the corresponding side in the original.

10/25 = 2/5

The scale factor is 2/5.

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