Wednesday
August 20, 2014

Homework Help: math

Posted by Marisol on Thursday, April 10, 2008 at 7:48pm.

I could only get the first part of this question. Can someone help me with the second part?

You borrow $7000 from a bank for 3 years at an interest rate of 10% per year compounded daily.(Assume there are 365 days in every year)
a) HOw much do you pay the bank back in total?
b)How much interest did the bank earn from you?

A=?
P=7000
i=0.000273973
n=1095

A=P(1+i)n( n is an exponent)
A=7000(1+0.000273973)1095
A=7000(1.000273973)1095
A=7000(1.3498039)
A=9448.63

b) ???

Answer this Question

First Name:
School Subject:
Answer:

Related Questions

Math - 3(-5)squared -2/-5(2)/2 squared I don't get the second part but... any ...
World History - "Why did farming start at different places and at different ...
Math - Serena wanst to borrow $15 000 an pay it back in 10 years. Interest rates...
VB - I am new here; say to everyone first. Here is the a question for coding ...
Math - Serena wants to borrow $15 000 and pay it back in 10 years. Interest ...
Biology 202 - Can someone please help me with one part of this question.... ...
same type of binomial theorem question - Question: Find the first 3 terms in the...
Correted Bob can you re-check? - So i pretty much had them right the first time ...
Algebra - During the first part of a trip, a canoeist travels 57 miles at a ...
math algebra - Mrs. martinez has $10,000 to invest.One bank offers her a return ...

Search
Members