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September 5, 2015

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) ???

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