math

The balance on a car loan after 4 years is $8,996.32. The interest rate is 5.6% compounding annually. What was the initial value of the loan?

An investment made in the stock market decreased at a rate of 4% per year for 5 years. What is the current value of the $1,000,000 investment? Include your calculations in your final answer.

explain how to solve these in steps asap

  1. 👍
  2. 👎
  3. 👁
  1. x (1 - 0.056 )^5 = 8996.32
    .944^5 x = 8996.32
    x = 8996.32 /.749652
    x = 12000.65

    1. 👍
    2. 👎
    👤
    Damon
  2. same way
    10^6 * 0.96^5

    1. 👍
    2. 👎
    👤
    Damon

Respond to this Question

First Name

Your Response

Similar Questions

  1. Finite Math

    Five years ago, Diane secured a bank loan of $370,000 to help finance the purchase of a loft in the San Francisco Bay area. The term of the mortgage was 30 years, and the interest rate was 10% per year compounded monthly on the

  2. Math

    This year (10 years after you first took out the loan), you check your loan balance. Only part of your payments have been going to pay down the loan; the rest has been going towards interest. You see that you still have $108,123

  3. Math Check My Work Please 2

    15. Lisa takes a loan of $10,500 at a 9% simple interest rate for 7 years. a. How much interest will she pay after 3 years? b. How much interest will she pay in total for the loan? $2,835.00; $6,615.00 $8,280.00; $9,720.00*

  4. Math

    Lisa takes a loan of $10,500 at a 9% simple interest rate for 7 years. a. How much interest will she pay after 3 years? b. how much interest will she pay in total for the loan? a. $2,835.00; $6,615.00 b. $8,280.00; $9,720.00 c.

  1. Math

    Adam takes a loan of $8,250 at 7% simple rate for 5 years. a. How much internet will be paid after 3 years? b. How much interest will be paid in total for the loan? A. $577.50; $2,887.50 B. $1,732.50; $2,887.50 C. $4,352.00;

  2. Precalculus

    you borrow $5,000 from your parents to purchase a used car. The arrangements of the loan are such that you make payments of $250 per month toward the balance plus 1% interest on the unpaid balance from the previous month. (a) Find

  3. Mathematics

    I really need help with these three questions. Thank You. 1. Calculate the finance charge and new balance using the previous balance method. Previous balance = $179.32 Annual rate = 16% Finance charge $ ? New purchases = $117.42

  4. dhs

    Amanda bought a car for $8,500. Her loan was for five years at a 4.6% interest rate. How much will Amanda pay for her car total, including interest?

  1. MATH 123

    Darla purchased a new car during a special sales promotion by the manufacturer. She secured a loan from the manufacturer in the amount of $23,000 at a rate of 4.6%/year compounded monthly. Her bank is now charging 6.2%/year

  2. math

    The Taylors have purchased a $290,000 house. They made an initial down payment of $10,000 and secured a mortgage with interest charged at the rate of 10%/year on the unpaid balance. Interest computations are made at the end of

  3. math

    The balance on a car loan after 4 years is $8,996.32. The interest rate is 5.6% compounding annually. What was the initial value of the loan?

  4. math

    You borrow $10,000 to buy a car. The simple interest rate is 3%. You pay the loan off after 6 years. What is the total amount you paid for the loan? please and thank you

You can view more similar questions or ask a new question.