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AlgebraQ&A LibraryAl needs to borrow $15,000 to buy a car. He can borrow the money at 6.7% simple interest for 5 yr or he can borrow at 6.4% interest compounded continuously for 5 yr. a. How much total interest would Al pay at 6.7% simple interest? b. How much total interest would Al pay at 6.4% interest compounded continuously? c. Which option results in less total interest?Question

Asked Dec 26, 2019

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Al needs to borrow $15,000 to buy a car. He can borrow the money at 6.7% simple interest for 5 yr or he can borrow at 6.4% interest compounded continuously for 5 yr.

a. How much total interest would Al pay at 6.7% simple interest?

b. How much total interest would Al pay at 6.4% interest compounded continuously?

c. Which option results in less total interest?

Step 1

a.

Find the simple interest paid by Al at 6.7% interest.

Step 2

Step 3

We have *P* = $15,000, *r* = 6.7%, *t* = 5 yrs.

Substituting the ...

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