Answer :
Answer:
after 4 months $8352.96
AFTER 13 MONTH $7426.507
AFTER 23 MONTH A = 7675.69
Step-by-step explanation:
Given data:
P = $9388.81
Compound interest cab be determined as
A = P( 1+ r/n)^(nt)
after 4 months
[tex]A = 9388.81 ( 1+ \frac{4}{100})^{2\times \frac{4}{12}}[/tex]
A = 9513.58
But he has to pay $1160.62 after 4 month so remaining amount is
P = 9513.58 - 1160.62 = $8352.96
AFTER 13 MONTH, so total time is 9 month
[tex]A = 8352.96 ( 1+ \frac{4}{100})^{2\times \frac{9}{12}}[/tex]
A = 8604.79
But he has to pay $1178.29 after 13 month so remaining amount is
P = 8604.79 - 1178.28 = $7426.507
AFTER 23 MONTH so total time is 10 month
[tex]A = 7426.50 ( 1+ \frac{4}{100})^{2\times \frac{10}{12}}[/tex]
A = 7675.69