Answer:
In 10 years you would have saved $33,428.15.
Explanation:
A=P (1+ r/n)^nt
A = The final amount
P = The intial principal balance: $20,500
R = The interest rate: 4.95%
N = The number of times interest is applied per period: Semi annually (1.5)
T= The time periods elapsed: 10 years
A = 20,500 (1+4.95/1.5)^(1.5•10)
