A 250-day note, signed on August 12 for $32,000, has a rate of 7% compounded annually. A payment of $12,000 was made on October 15. Find the balance owed on the principal on October 15.

$31,601.80

$398.22

$20,398.22

$11,601.78

Question

Mathematics

Niko Chen

22 October, 00:31

A 250-day note, signed on August 12 for $32,000, has a rate of 7% compounded annually. A payment of $12,000 was made on October 15. Find the balance owed on the principal on October 15.

$31,601.80

$398.22

$20,398.22

$11,601.78

+4

Answers (1)

Know the Answer?

Malachi Novak · Answer 1

Answer:152,000,000

Step-by-step explanation:

A=P (1+r/n) ^nt

A = final amount

P = initial principal balance

n = no of times interested applied

t = no of period elapsed

r = rate

A = 32000 (1+7/12) ^12*250

A = 32000 (1.5833) 3000

A = 152,000,000

A 250-day note, signed on August 12 for $32,000, has a rate of 7% compounded annually. A payment of $12,000 was made on October 15. Find the balance owed on the principal on October 15.$31,601.80$398.22$20,398.22$11,601.78

A 250-day note, signed on August 12 for $32,000, has a rate of 7% compounded annually. A payment of $12,000 was made on October 15. Find the balance owed on the principal on October 15.

$31,601.80

$398.22

$20,398.22

$11,601.78