Wednesday

April 23, 2014

April 23, 2014

Posted by **aj** on Monday, March 14, 2011 at 9:55pm.

- college math -
**Lela**, Monday, March 14, 2011 at 11:56pmso you would start with how much of the money is going to be charged interest. You are being offered a total of 3 installments, but one is being paid now. That means there won't be interest on that installment. Therefore, you have 2 installments that will have compounded interest over a total of 2 years.

Next you use the continuous interest formula, which is S = Pe^rt, where e=2.71 (constant). S is the final value. P is the initial investment, which would be 2400 (1200 times 2 for the 2 years) in your case. r is the percentage rate. And t is the time in years.

Once you find the answer to the formula, you add the cost of the third installment, which was 1200. And you will have the answer. hope that helps!

**Related Questions**

math - A man borrows $50,000 towards the cost of a house. Compound interest is ...

Word problem - Jessica just bought a refrigerator for 570 . She paid 199.50 in a...

math - bayside insurance offers two health plans.Under plan A, Gisselle would ...

math - mr. greatest bought an aotomobile for $250,000and paid a 20% down payment...

Business - Cash Flow and Profits: On-Line Retailer Temps Customers Statement; "...

economics - Eric borrowed 515 dollars today and has agreed to pay back in equal...

business math - Samantha Vega gross weekly salary is 600 dollars her weekly ...

algebra - A cashier earn $x for an 8-hour day. Write an algebraic expression in ...

math - if jennifer pays off the couch in one year, she will have to pay no ...

COM/155 - aRE THESE CORRECT? My brother owes me money and HE refuses to pay me...