Please help me with both questions :(

Question

03-02-2021
Mathematics

Answered

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Please help me with both questions :(

Sagot :

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madethisfortwitch1 madethisfortwitch1 · Answer 1 · 2021-02-03T21:50:42-05:00

Answer:

2.) $520

3.) less

Step-by-step explanation:

I'm going to assume that the interst is compoudning and is convertable once a year

The compound interest formula for interest compounding only once a year is as follows

[tex]AV=PV(1+i)^n[/tex]

plug in the numbers and get

[tex]500(1+.04)^{1}=500*1.04=520[/tex]

3.) If the interest rate is lower at the credit union he would obvioulsy be paying less (assuming that this interest rate is convertable annually as well)

Sagot :

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