Math test tomorrow. Open book, bring computer and calculator
Want an A+ in the test? Try to solve this compound interest question in Sheet
Batman bought his bat mobile for $655000. He will spend the next five years paying off his vehicle, and Batman will be charged an annual interest rate of 8.00%. The interest will be compound daily.
How much will he end up paying after five years. Use Sheet to calculate the answer.
hint:
- convert 8% into daily interest rate
- how many days in five years
Formula:
how much is borrowed x (1 + daily interest )^days in five years
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