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26 Apr 2017, 08:21
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C
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
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Question Stats:
90% (01:06) correct
10%
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wrong
based on 72
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Jeanine took out a $9,000 loan to buy a jet ski. If the annual interest rate of the loan was 16% compounded quarterly and the loan term was 1 year then which of the following shows the total cost of the jet ski?
A. 9000(0.12)^4
B. 9000(1.12)^4
C. 9000(1.04)^4
D. 9000(1.04)^3
E. 9000(0.04)^12
A. 9000(0.12)^4
B. 9000(1.12)^4
C. 9000(1.04)^4
D. 9000(1.04)^3
E. 9000(0.04)^12
26 Apr 2017, 11:00
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A = P (1+r/n)^nt
= 9000(1+0.16/4)^(4*1)
= 9000(1+0.04)^4
= 9000(1.04)^4
Answer is C. 9000(1.04)^4
= 9000(1+0.16/4)^(4*1)
= 9000(1+0.04)^4
= 9000(1.04)^4
Answer is C. 9000(1.04)^4
20 Dec 2020, 23:16
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When the interest is calculated quarterly, then the \(Time, T= 4*T\) and \(Rate, R= \frac{R}{4} \).
Formula for Compund Interest, \(C.I = P(1+\frac{R}{100})^T = P(1+\frac{R}{4*100})^{4*T}\)
\(R= \frac{16}{4} =4\)%; \(T=4 \)
\(CI = 9000(1+\frac{4}{100})^4\)
\(CI =9000*(1.04)^4\)
Ans C
Note: For half-yearly, \(R=\frac{R}{2}\) and \(T=2T\)
Formula for Compund Interest, \(C.I = P(1+\frac{R}{100})^T = P(1+\frac{R}{4*100})^{4*T}\)
\(R= \frac{16}{4} =4\)%; \(T=4 \)
\(CI = 9000(1+\frac{4}{100})^4\)
\(CI =9000*(1.04)^4\)
Ans C
Note: For half-yearly, \(R=\frac{R}{2}\) and \(T=2T\)
