Bob and Billy each invest $1,000,000 and $1200, respectively, in their own account with the same interest.          a) Who will double their money first?           b). If Bob  wants to buy a $45,000 car. He is approved by her bank for $38,000 at 3.99% compounded monthly for 72 months. If He buys the car with a loan from her bank, how much does she actually pay for the car at the end of the loan? Excluded taxes and other fees

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A: compounded interest =13.81% n=4 months A=2425.23 i=13.8112×100   =0.011508 it is known that  A=P1+in

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A: We will find out the required value.

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A: Definition used -            Simple interest -                            SI=Prt100…

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A: ANSWER :

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