A borrower had a loan of $ 20 comma 000.00 at 5 % compounded annually comma with 7 annual payments. Suppose the borrower paid off the loan after 4 years. Calculate the amount needed to pay off the loan.

The amount needed to pay off the loan is $28,142

Step-by-step explanation:

We have to calculate the compound interest on the loan amount using the compound interest formula, and the time we will use will be 7 years, not 4 years, because the amount was compounded over 7 years, although it was paid in 4 years.

The formula is shown below;

where;

A = Future amount to be paid

P = Initial amount of loan borrowed

r = interest rate in ratio

n = number of compounding periods per year

t = number of years of compounding

∴

=

= $28,142

- 2 + 10x³ - 21x² + 19x - 4

step-by-step explanation:

each term in the second factor is multiplied by each term in the first factor

x²(- 2x² + 4x - 1) - 3x(- 2x² + 4x - 1) + 4(- 2x² + 4x - 1) ← distribute

= - 2 + 4x³ - x² + 6x³ - 12x² + 3x -8x² + 16x - 4

collect like terms

= - 2 + 10x³ - 21x² + 19x - 4 ← in standard form

answer:

it is general formula that is used to write value to its excet position

a11 a12 a13

a21 a22 a23

it is the example of order 2 by 3 matrix in this

a11 means value occur in 1 st row 1st column

a12 means value occurs in 1st row 2nd column

a13 means value occur in 1st row and 3rd column

a21 means value occurs in 2nd row and 1st column

a22 means value occurs in 2nd row and in 2nd column

a23 means value occurs in 2nd row and in 3rd column