Kenneth S. answered • 11/06/16
Tutor
4.8
(62)
Expert Help in Algebra/Trig/(Pre)calculus to Guarantee Success in 2018
I assume that the amount of the loan is fifty thousand two hundred fifty dollars.
That should be written with dollar sign in front, and no space after the comma.
When a student has this kind of problem, it is reasonable to expect that the student has been presented with an appropriate formula in the class, together with explanations and examples.
So I suggest that you get your formula from notes or book, and turn your computer on, and write down the computation that you will do, remembering that interest rate will be expressed as 0.08 and number of years n = 4. The interest will simply be P(1+r)4 - P, where P = the face value of the loan.
There could be other (more sophisticated) banking formulas that apply, depending on discount possibilities, or monthly payment along the way, but lacking more information, this seems the way to go.
