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sdas [7]
2 years ago
10

Lien Chen took out a single-payment loan for $2300.00 at 6.25% ordinary interest to pay for her federal income tax bill. If the

loan’s maturity value is $2317.97, when would Lien have to pay back the loan if she took it out on April 1?
Mathematics
1 answer:
Assoli18 [71]2 years ago
4 0

Using simple interest, it is found that she would have to pay the loan back on May 17.

<h3>Simple Interest</h3>

Simple interest is used when there is a single compounding per time period.

The amount of money after t years in is modeled by:

A(t) = A(0)(1 + rt)

In which:

  • A(0) is the initial amount.
  • r is the interest rate, as a decimal.

In this problem, the parameters are:

A(t) = 2317.97, A(0) = 2300, r = 0.0625

Solving for t, we have that:

A(t) = A(0)(1 + rt)

2317.97 = 2300(1 + 0.0625t)

1 + 0.0625t = \frac{2317.97}{2300}

1 + 0.0625t + 1.00781304348

0.0625t = 0.00781304348

t = \frac{0.00781304348}{0.0625}

t = 0.125

Considering a year has 365 days:

0.125 x 365 = 46

46 days after April 1, hence she would have to pay it back on May 17.

More can be learned about simple interest at brainly.com/question/25296782

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