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Alfred paid $36,187.89 for his new car. If he took out a loan and was given a 3.15 % interest rate compounded semi-annually for ó years, how much did he borrow? Round your answer to the nearest whole number.​

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sreedevi102

Answer:

[tex]A = P(1+\frac{r}{n})^{nt}\\\\[/tex]

A = 36187.89

r= 3.15% = 0.0315

n = 2

t = 6

[tex]36187.89= P(1 + \frac{0.0315}{2} )^{2*6)[/tex]

[tex]36187.89 = P( 1+0.01575)^{12}\\\\P = \frac{36187.89}{1.01575^{12}} = 30000.0024[/tex]

Answer $30,000

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