Answer:
Compound interest =$14.58
Simple Interest=$14.79
Step-by-step explanation:
Let's assume the interest rate charged on the loan was simple in nature.
-Simple interest is calculated using the formula:

Hence, the simple interest on the loan was $14.79
#If the interest is compound in nature with just one compounding per year:

Hence, the compound interest charged on the loan is $14.58
Answer:
x = -3, x = 0 is a extraneous solution
Step-by-step explanation:
Step 1: Cross-multiply
3x² = 4x² + 3x
Step 2: Isolate <em>x</em>'s
0 = x² + 3x
Step 3: Factor
0 = x(x + 3)
Step 4: Find roots
x = 0, -3
Step 5: Double check work
Plug in both to see if they both work. Only x = 0 should be extraneous. We now have our answer!
Answer:0.05168986083
Step-by-step explanation: