Question

Can someone check my answers please?

19. C
20. B

Answer 1

@mathmate @skullpatrol @welshfella

Answer 2

tell me how you got C

Answer 3

I used the simple interest formula, but I think I put the numbers in wrong.

Answer 4

Actually wait, my answer was D for 19 I mean. Sorry, I got the number mixed up!

Answer 5

i see T. he problem with the question is it doesnt say how the interest is calculated.

Answer 6

I think my teacher would want me to assume its compounded monthly if that helps.

Answer 7

After the deposit of 1775 is paid he owes 5723 - 1775 = $3948 which is then subject to interest.

Answer 8

Okay, so then I would calculate that for four years? I mean the answer I keep getting isn't an option and that's why I'm being thrown off.

Answer 9

None of the answers I'm getting are any of my options.

Answer 10

I#m getting different answers too

Answer 11

What should i go with?

Answer 12

@welshfella

Answer 13

I thought it was just me simple interest answer is not there
have you done future value of an annuity? what class is this for?

Answer 14

For 19 you may use the interest exponential form
P(1+r)^x
Where P is initial cost
R is rate of change
X is time in years
Substitute the values but remember that they made down payment of 1775 therefore you'll have to cut that off the total initial number
5723 - 1775 = 3948
Now substitute
3948(1+0.102)^4
Which equals 5822.419
Matches non of ur choices. Either I made mistake or the question indicates a flow