You borrowed $10,400 for 4 years at 12.7% and the interest is compounded semi-annually. What is the total you will pay back? P=principal or starting amount n=number of times interest is compounded Frate convert % to decimal divide by 100 or move decimal... t-time

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section6.1: Exponential Functions
Problem 68SE: An investment account with an annual interest rateof 7 was opened with an initial deposit of 4,000...
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Question 5
1.5 pts
You borrowed $10,400 for 4 years at 12.7% and the interest is compounded semi-annually. What is the total
you will pay back?
P=principal or starting amount
n=number of times interest is compounded
Frate convert % to decimal divide by 100 or move decimal..
t-time
Use a calculator to complete this problem after fınding the rate and time
Total you will pay back-10,400(1+ rate (n x time)
O 17897.
O26608.06
O 14863.54
• 10400.00
Transcribed Image Text:Question 5 1.5 pts You borrowed $10,400 for 4 years at 12.7% and the interest is compounded semi-annually. What is the total you will pay back? P=principal or starting amount n=number of times interest is compounded Frate convert % to decimal divide by 100 or move decimal.. t-time Use a calculator to complete this problem after fınding the rate and time Total you will pay back-10,400(1+ rate (n x time) O 17897. O26608.06 O 14863.54 • 10400.00
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