The balance on a car loan after 4 years is $8,996.32. the interest rate is 5.6% compounding annually. what was the initial value of the loan?

To evaluate the initial value we use the formula: A=P(1+r)^n where A=future value P=principle amount r=rate n=time thus plugging in our values we get: 8996.32=P(1+5.6/100)^4 solving for p we shall have: 8996.32=1.2435P hence: P=$7234.5 Thus the initial amount was $7234.5

Step-by-step explanation:

the answer up above is wrong trust me THE ONE ABOVE MY ANSWER

answer:

it will cost 480 dollars to refurbish the larger wood floor

step-by-step explanation:

as it's a ratio of 4 that costs 384 dollars, divide the price by the ratio

384 / 4 = 96 dollars

96 dollars per unit of the ratio

now to get the price to refurbish the larger wood floor, times the price by the units

96 * 5 = 480