On May 6, Jim Ryan borrowed $14,000 from Lane Bank at 712% interest. Jim plans to repay the loan on March 11. Assume the loan is
1 answer:
The amount to be repaid by Jim Ryan is $14,891.78.
Given that, Principal (P) =$14,000, the rate of interest (R) =7% and T=310 days.
Ordinary interest is calculated on the basis of a 360-day year or a 30-day month; exact interest is calculated on a 365-day year.
Now, the interest=14,000×7.5 %×.
=$891.78
The amount to be repaid=14,000+891.78=$14,891.78
Therefore, the amount to be repaid by Jim Ryan is $14,891.78.
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