Question

1. Margo borrows $1600, agreeing to pay it back with 8% annual interest after 10 months. How much interest will she pay? Round your answer to the nearest cent, if necessary. 2. You deposit $400 each month into an account earning 4% interest compounded monthly. a) How much will you have in the account in 15 years? $ b) How much total money will you put into the account? $ c) How much total interest will you earn? $

Name: 1 margo borrows 1600 agreeing to pay it back with 8 annual interest after 10 months how much interest will she pay round your answer to the nearest cent if necessary 2 you deposit 400 each m 01456
Uploaded: 2022-10-13T16:42:03-08:00
Duration: 2 min 32 s
Channel: Shelayah Robinson
Description: 1 margo borrows 1600 agreeing to pay it back with 8 annual interest after 10 months how much interest will she pay round your answer to the nearest cent if necessary 2 you deposit 400 each m 01456

          1. Margo borrows $1600, agreeing to pay it back with 8% annual
interest after 10 months. How much interest will she pay?
Round your answer to the nearest cent, if necessary.
2. You deposit $400 each month into an account earning 4%
interest compounded monthly.
a) How much will you have in the account in 15 years?
$
b) How much total money will you put into the account?
$
c) How much total interest will you earn?
$

Added by Nancy J.

Elementary Statistics a Step by Step Approach

Allan G. Bluman 9th Edition

Instant Answer

Solved by Expert Shelayah Robinson

10/13/2022

Step 1

Step 2: Calculate the total amount in the account after 15 years. Step 3: Calculate the total money deposited into the account. Step 4: Calculate the total interest earned. **Step 1:** Interest amount = Principal x Rate x Time Interest amount = $1600 x 0.08 x Show more…

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1. Margo borrows $1600, agreeing to pay it back with 8% annual interest after 10 months. How much interest will she pay? Round your answer to the nearest cent, if necessary. 2. You deposit $400 each month into an account earning 4% interest compounded monthly. a) How much will you have in the account in 15 years? $ b) How much total money will you put into the account? $ c) How much total interest will you earn? $