If a loan of 1,500 at 4% is paid off in 90 days what is the interest
1 answer:
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
You might be interested in
We want to see which is the conic equation that has 2 squares with the same sign and different leading coefficients.
We will see that it is the equation of the ellipse.
Now let's see why that is the correct answer.
The general conic equation is of the form:
Where A and B are the leading coefficients, (a, b) is the center of the figure, and R is the average radius of the figure.
For example, if A = B, this would be the equation of a circle, but we must have two different leading coefficients.
If we write:
A = 1/C
B = 1/K
(both are positive, because "it has two squares with the same signs").
Then we get the equation:
We get the equation we wanted.
The same sign in both square parts and different leading coefficients.
The above equation is the general equation of an ellipse.
If you want to learn more, you can read: