T2h+3t - Gauthmath

Trang chủ » T^2h+3t » T2h+3t - Gauthmath

Có thể bạn quan tâm

Math Resources/Business/

Question

Yolanda obtains a loan for home renovations from a bank that charges simple interest at an annual rate of 7.45%. Her loan is for $12,700 for 85 days. Assume each day is 1/365 of a year. Answer each part below. Do not round any intermediate computations, and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas. (a) Find the interest that will be owed after $5 days. X 5 5 (b) Assuming Yolanda doesn't make any payments, find the amount owed after $5 days.SHOW LESS0

Solution

(a) $232.48 (b) $13,632.48

Explanation: (a) To find the simple interest (S.I.), use the formula S.I. = (P * R * T) / 100, where P is the principal amount, R is the rate of interest per year, and T is the time in years.

Step 1: Convert the time from days to years by dividing by 365. T = 85 / 365

Step 2: Calculate the simple interest. S.I. = (13400 * 7.45 * 85) / (100 * 365) S.I. = (13400 * 7.45 * 85) / 36500 S.I. = 232.48

(b) To find the total amount owed after 85 days, add the simple interest to the principal amount.

A = P + S.I. A = $13,400 + $232.48 A = $13,632.48

Click to rate:20.8(24 votes)Search questionBy textBy image/screenshotDrop your file here orClick Hereto upload

Từ khóa » T^2h+3t