A loan of $50,000 is taken out for six years at 9% interest compounded annually. If the loan is paid off in full at the end of that time period, $50433 must be returned.
<h3>What is Compound interest?</h3>
- Compound interest is calculated by multiplying the initial loan amount, or principal, by one plus the annual interest rate multiplied by the number of compound periods multiplied by one.
- Compound interest is when you earn interest on both your savings and your interest earnings. When you compound interest, you add the interest you've earned back into your principal balance, which earns you even more interest, compounding your returns.
- Assume you have $1,000 in a savings account earning 5% interest per year. You'd earn $50 in year one, giving you a new balance of $1,050. Compound interest occurs when interest earned on savings begins to earn interest on itself.
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Answer:
The age of the horse, in human years, when Alex was born can be determined by simply deducting the Current age of Alex from the Current age of the horse in human years.
Therefore, the age of the horse, in human years, when Alex was born was 42 years.
Step-by-step explanation:
Current age of Alex = 8
Current age of the horse in human years = 50
Since the age of the horse is already stated in human years, it implies there is no need to convert the age of the horse again.
Therefore, since Alex is a human who was born 8 years ago, the age of the horse, in human years, when Alex was born can be determined by simply deducting the Current age of Alex from the Current age of the horse in human years as follows:
The age of the horse, in human years, when Alex was born = 50 - 8 = 42
Therefore, the age of the horse, in human years, when Alex was born was 42 years.
This can be presented in a table as follows:
Age of Alex Age of the Horse (in human years)
Eight years ago 0 42
Current age 8 50
Answer:
9 x 3 = 27
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Step-by-step explanation:
Answer:
2.6%
Step-by-step explanation:
Given the current CPI = 231.56
Previous CPI (CPI a year ago) = 225.3
Rate of inflation over the past year = current CPI - previous CPI/previous CPI × 100%
Rate of inflation = 231.56-225.3/225.3 × 100%
5.86/225.3× 100%
= 2.6%
Rate of inflation over the past year will be 2.6%