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Tema [17]
3 years ago
14

A student takes out an emergency loan for tuition, books, and supplies. The loan is for $900 with an interest rate of 8%. How mu

ch is does the season pay if the loan is paid back in 60 days?
NO LINKS. ​
Mathematics
2 answers:
jolli1 [7]3 years ago
8 0

Answer:

$911.84

Step-by-step explanation:

<u>Formula</u>

\sf A=P\left(1+\dfrac{rt}{n}\right)

where:

  • A = amount
  • P = principal
  • r = interest rate (decimal form)
  • t = term
  • n = number of units of term per year

Given:

  • P = $900
  • r = 8% = 0.08
  • t = 60
  • n = 365

\implies \sf A=900\left(1+\dfrac{0.08 \times 60}{365}\right)

\implies \sf A= \$911.84\: \textsf{(nearest cent)}

mestny [16]3 years ago
7 0

$912

<h3>     simple interest = Principal * Rate * Time (in years)</h3>

Here given:

  • principal: $900
  • rate: 8%
  • time: 60 days = 60/360 = 1/6 years                [ 1 years = 360 days ]

So, simple interest:

  • 900 * 8% * 1/6
  • 900 * 8/100 * 1/6
  • $12

Pays back: $900 + $12 = $912 back.

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