#6,8,9

5. Define or describe compound interest or give an example 6. You borrow $1500 on March 20 at 20% simple interest. a. How much interest (to the nearest penny) accrues by September 20 (180 days later). Assume ordinary interest. b. What is the total amount that you must repay? 7. A car has an advertised price of $18,490 cash or $480 per month for 5 years. If you pay the $480 per month for 5 years, what is the total amount you would be paying for the car?_ 23,8O 8. If I Prt and i $398.90, r-9.85% and t-1 year, how much is P (to the 9. If a loan is held for 450 days, then t is about: A. 450 B. 3 C. 1.25 D. 5 10. Extra Credit: Car prices have increased at 6.25 % per year. Assuming annual nearest dollar)? compounding, how much would a $20,000 car cost in 5 years (nearest dollar)