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Dan borrows $7500 at 3% interest compounded monthly for 6 years. What is the total amount of interest paid? $1455.39 $1477.11 $113.21 $1350

Dan borrows $7500 at 3% interest compounded monthly for 6 years. What is the total amount of interest paid? $1455.39 $1477.11 $113.21 $1350

College Algebra
College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section6.1: Exponential Functions
Problem 66SE: Kyoko has 10,000 that she wants to invest. Her bankhas several investment accounts tochoose from,...
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Dan borrows $7500 at 3% interest compounded monthly for 6 years. What is the total amount of interest paid? $1455.39 $1477.11 $113.21 $1350 Callum would like to purchase a new ATV that costs $6500. He decides to pay $2400 of the balance using his credit card and the remaining $4100 using his line of credit. Use the screen shots below to determine the total amount of interest Callum will end up paying. Credit Card Line of Credit N=36 IX=19 PU=2400 •PMT= -87.974448. FU=0 PY=12 C/Y=12 PMT:ENE BEGIN N=36 •PMT=122.88067. PY=12 Cy=12 PMT:EC BEGIN $323.68 $1090.60 $7590.60
Transcribed Image Text:Dan borrows $7500 at 3% interest compounded monthly for 6 years. What is the total amount of interest paid? $1455.39 $1477.11 $113.21 $1350 Callum would like to purchase a new ATV that costs $6500. He decides to pay $2400 of the balance using his credit card and the remaining $4100 using his line of credit. Use the screen shots below to determine the total amount of interest Callum will end up paying. Credit Card Line of Credit N=36 IX=19 PU=2400 •PMT= -87.974448. FU=0 PY=12 C/Y=12 PMT:ENE BEGIN N=36 •PMT=122.88067. PY=12 Cy=12 PMT:EC BEGIN $323.68 $1090.60 $7590.60
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