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I have 2 questions: 1. Silvia borrows $5600 to buy a car. The bank offers her a loan with two options: . . 4% per
I have 2 questions:
1. Silvia borrows $5600 to buy a car. The bank offers her a loan with two options: . . 4% per year, compound interest 4% per year, Simple interest compounded annually How much will Silvia owe after 3 years in each option? Total owed in Option 1: Total owed in Option 2: Difference: 2. Ko invested money in a savings account that earned 2.4% interest per annum, compounded semi-annually. After 10 years, his investment was worth $5000. How much did he originally invest? 3. Jojo charged $500 to her credit card and did not pay it back for 6 months. (Assume each month has 30 days.) The credit card company charges 19.99%la interest, compounded daily. How much will she owe at the end of 6 months? PV= PV(1 + i)" PV= FV(1+1')_"Step by Step Solution
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