Can somebody answer numbers 13 and 14 all of the parts. Ignore all the other writing. I appreciate anyone who can help.
Accepted Solution
A:
Answer:13. a. $300 interest paid (Total amount with interest - Initial amount)b. $3300 total amount paid (Total amount with interest)14.a. $3360 total amount paid (Total amount with interest)b. $140 paid monthly (3360 ÷ 24 (24 months in 2 years))c. Credit card (3300 to pay versus 3360 to pay; credit card $60 cheaper)Step-by-step explanation:Use the simple interest formula when answering these questions:A = P(1 + rt)
Where:
A = Total Accrued Amount (principal + interest)
P = Principal Amount
I = Interest Amount
r = Rate of Interest per year in decimal; r = R/100
R = Rate of Interest per year as a percent; R = r * 100
t = Time Period involved in months or yearsFor example:13.a. P = 3000, r = 20% = 0.2, t = 6 months = 0.5 yearsA = 3000(1 + (0.2)(0.5))A = 33003300 - 3000 = 300$300 interest paid