They agree that Bruce will repay the loan by paying his father Sr in the first month and S every following month until the $16000 is repaid.The total amount Bruce's father receives after 12 months is $5200. This can be expressed bythe equation r + 1ly = 5200. The total amount that Bruce's father receives after 24 monthsis $10600.(c) Write down a second equation involving 2 and y.(d) Determine the value of a and the value of y.(e) Calculate the number of months it will take Bruce's father to receive the S16000.
They agree that Bruce will repay the loan by paying his father Sr in the first month and S every following month until the $16000 is repaid.The total amount Bruce's father receives after 12 months is $5200. This can be expressed bythe equation r + 1ly = 5200. The total amount that Bruce's father receives after 24 monthsis $10600.(c) Write down a second equation involving 2 and y.(d) Determine the value of a and the value of y.(e) Calculate the number of months it will take Bruce's father to receive the S16000.Bruce decides to buy a cheaper car for $12000 and invest the remaining $4000.He is considering two investment options over four years.Option A: Compound interest at an annual rate of 6.5%.Option B: Compound interest at a nominal annual rate of 6%, compounded monthly.Express each answer in part (f) to the nearest dollar.(f)Calculate the value of each investment option after four years.(i)Option A.(i) Option B
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