Homework Help: math

Posted by Martin on Tuesday, October 9, 2012 at 10:39pm.

If you borrow $15,000 from your dad for college and you agree to pay him $25,000 back at 8% compound interest per year. How many years do you think you have to do this? In other words, given the amounts and the interest rate, what is the number of years?

math - Reiny, Tuesday, October 9, 2012 at 11:00pm
so
25,000 = 15,000(1.08)^n
5/3 = 1.08^n
log(5/3) = n log 1.08
n = log(5/3) / log 1.08 = appr 6.6 years
math - Don, Thursday, October 11, 2012 at 10:11am
Holy Waa!!
Your dad is a loan shark.... call the cops!

Answer this Question

Related Questions

healthcare fiancare - HINT: 6% X $1,000,000 – {20% X ($1,000,000 – (6...
college math - 1. Rebecka borrowed $500, $5,000, $3,500, and $2,000 from her dad...
accounting - 1.On December 15, 2012, Pascal declared a cash dividend of $2.00 ...
math - Suppose you borrow $12,000, which you must pay back in 30 equal monthly ...
Math - Serena wanst to borrow $15 000 an pay it back in 10 years. Interest rates...
math - $ 20,000 10,000 11,000 4,000 30,000 25,000 5,000 what is the curent ratio
Math - Serena wants to borrow $15 000 and pay it back in 10 years. Interest ...
accounting - Assets Cash (Net Effect) $35,000 20,000 +15,000 A/R 33,000 14,000 +...
math - $20,000 $10,000 $11,000 $4,000 $30,000 $25,000 $5,000 Calcuate current ...
Math - What is the percent increase in the population for all six inhabited ...

For Further Reading

First Name:
School Subject:
Answer: