Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1. Your relative was in desperate need of cash and asked you to loan them $2000. To avoid losing the case on Judge Judy (in

image text in transcribed
1. Your relative was in desperate need of cash and asked you to loan them $2000. To avoid losing the case on Judge Judy (in the event they failed to repay you) you write a contract charging your relative 5.6% simple interest per year. a. Calculate the interest your relative would pay if they took 10 years to repay you. What would be the future value of the loan if you demanded they repay the loan in 5 years? Write an equation to model the future value of the loan for an unknown amount of years to your relative. A : P + Prt How do you know that your equation from part C is a linear equation? Interpret the parameters {slope and y intercept) in the context of the situation. After receiving the $2000 back, you decide to invest all $2000 for 10 years and received 5600 in simple interest. What was the interest rate of your investment

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Geometric Problems On Maxima And Minima

Authors: Titu Andreescu ,Luchezar Stoyanovoleg Mushkarov

2006th Edition

0817635173, 978-0817635176

More Books

Students also viewed these Mathematics questions