Kevin borrowed $8000 at a rate of 7.5%, compounded monthly. Assuming he makes no payments, how much will he owe after 10 years? We want to find 8,000(1.075)^10 Using our [URL='http://www.mathcelebrity.com/compoundint.php?bal=8000&nval=10&int=7.5&pl=Annually']balance calculator[/URL], we get: [B]$16,488.25[/B]

Rachel borrowed 8000 at a rate of 10.5%, compounded monthly. Assuming she makes no payments, how much will she owe after 4 years? [U]Convert annual amounts to monthly[/U] 4 years = 12 * 4 = 48 months i = .105/12 = 0.00875 monthly [U]Build our accumulation function A(t) where t is the time in months[/U] A(48) = 8,000 * (1.00875)^48 A(48) = 8,000 * 1.5192 A(48) = [B]12,153.60 [/B] [URL='http://www.mathcelebrity.com/compoundint.php?bal=8000&nval=48&int=10.5&pl=Monthly']You can also use the balance calculator[/URL]

Sierra borrows $310 from her brother to buy a lawn mower. She will repay $85 to start, and then another $25 per week. A. Write an equation that can be used to determine w, the number of weeks it will take for Sierra to repay the entire amount. Let w be the number of weeks. We have the equation: 25w + 85 = 310 [URL='https://www.mathcelebrity.com/1unk.php?num=25w%2B85%3D310&pl=Solve']Type this equation into the search engine[/URL], and we get: w = [B]9[/B]

You borrowed $25 from your friend. You paid him back in full after 6 months. He charged $2 for interest. What was the annual simple interest rate that he charged you? Use the formula: I = Prt. We have I = 2, P = 25, t = 0.5 2 = 25(r)0.5 Divide each side by 0.5 4 = 25r Divide each side by 25 r = 4/25 [B]r = 0.16[/B] As a percentage, this is [B]16%[/B]

You owe $25 to a friend. You have paid back $12 but asked for another $8. How much do you owe? You pay back 12, so your balance is: -25 + 12 = -13 or you owe 13 You ask for (Borrow) another $8 -13 - 8 = [B]-21 or you owe 21[/B]