Ricky is taking out a personal loan for $12,000 to remodel his kitchen. he would like the lowest monthly payment possible, even if it means a bigger finance charge in the end. his bank has offered him a loan at 13% interest for 36 months or 12% interest for 60 months, both of which are compounded monthly. which of the following statements most accurately describes what ricky should be thinking?

Let me help you, but first I will explain the formula used to calculate monthly compound interest.

The formula used to calculate compound monthly compound interest is

a=p(1+r/n)^nt

P Represents the principal

R Represents the rate (in decimal)

N is basically 12 months

T Represents the time (in years)

Let's plug the numbers in.

First statement

"His bank has offered him a loan at 13% interest for 36 months"

12000(1+.13/12)^(12)(3)

12000(1+.13/12)^(12)(3) = $17,686.64

Second statement

"12% interest for 60 months"

Plug in the numbers into the formula.

12000(1+.12/12)^(12)(5)

12000(1+.12/12)^(12)(5) = 21,000.36

Answer

The answer would be "13% interest for 36 months" as it is much lower compared to the other statement.

idk

step-by-step explanation:

idk

b is 38 degrees.

a is 52 degrees.

this is because if b is 38 and a is 14 degrees more than b than 38+14=52 and 52+38=90 degrees. hope this .