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2 years ago

Calculate the following scenario for a simple interest loan.

1 answer:

6 0

Simple interest is a method of calculating interest on an amount for n period of time with a rate of interest of r. The amount of monthly payments is $287.5.

<h3>What is simple interest?</h3>

Simple interest is a method of calculating interest on an amount for n period of time with a rate of interest of r. It is calculated with the help of the formula,

SI = (PRT)/100

where SI is the simple interest, P is the principal amount, R is the rate of interest, and T is the time period.

Given the following details about the simple interest loan as,

Principal amount, P = $3,000

Interest rate, r = 15%

Number of instalments = 12

Since there are 12 instalments each for a month, therefore, the time period for which the loan was there is 1 year.

Now, the interest for 1 year will be,

Interest amount = ($3,000 × 1 × 15)/100

= $450

Further, the total amount that is needed to be paid back is the sum of the principal amount and Interest amount.

Amount needed = $3,000 + $450

= $3,450

Moreover, there are 12 instalments, therefore, the number of monthly payments will be,

Monthly payment = $3,450/12 = $287.5

Hence, the amount of monthly payments is $287.5.

Learn more about Simple Interest here:

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What is the measure of ∠ D? 101° 112° 122° 111°

kifflom [539]

Answer:

101

Step-by-step explanation:

360 - (78+91+90)

360- 259 = 101

HOPE THIS HELPS!!

5 0

3 years ago

Add. 7/4+9/-5 wrote your answer as a fraction in simplest form

IgorLugansk [536]

Answer:

7/4 + 9/-5 =

Since the denominator of the second fraction is negative the sign will change from negative to positive

We will get

7/4 - 9/5

First find the LCM

LCM of 4 and 5 is 20

7/4 - 9/5 = 5(7) - 4(9)/ 20

Simplify

We get

35 - 36/20

= -1/20

Hope this helps

5 0

3 years ago

Read 2 more answers

Brandon’s family is planning a trip from Dallas to San Antonio. Dallas is about 272 miles from San Antonio. If Brandon’s dad dri

Butoxors [25]

Since he drives 60 miles per hour we'll divide 272 by 60

272/60=4.5

it will take 4.5 hours

I hope I've helped!

6 0

3 years ago

Find the slope between (2,4) and (4,6). Reduce it. show your work

zloy xaker [14]

3,5

1 across and 1 down pattern
find the halfway point

5 0

3 years ago

the arithmetic sequence ai is defined by the formula: a1 = -53 ai = ai-1 + 6 find the sum of the first 880 terms in the sequence

maxonik [38]

Answer:

The sum of the first 880 terms in the sequence is 2,273,920.

Step-by-step explanation:

Arithmetic sequence:

The difference between consecutive terms is always the same, called common difference, and the nth term is given by:

$a_{n} = a_0 + (n-1)d$

In which d is the common difference.

Sum of the first n terms:

The sum of the first n terms of an arithmetic sequence is given by:

$S_{n} = \frac{n(a_1+a_n)}{2}$

ai = ai-1 + 6

This means that $d = 6$

In this question:

Sum of the first 800 terms, so $n = 800$

First term is -53, so $a_1 = -53$

The 880th term is:

$a_{880} = -53 + (880-1)*6 = 5221$

Sum

$S_{n} = \frac{880(-53+5221)}{2} = 440(-53+5221) = 2273920$

The sum of the first 880 terms in the sequence is 2,273,920.

4 0

3 years ago