Clarissa needs a $2,500 loan in order to buy a car. How much interest would she owe if she took out a 24 - month loan with a 4.2
1 answer:
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Answer:
a) Simple interest paid = $360
b) Total repayment amount = $6360
Step-by-step explanation:
It is given that:
Principal, P = $6000
Rate of interest, R = 2%
Time, T = 3 years
<em>(a) Total interest paid</em>:
<u>Formula</u> for Simple Interest is given as:
Putting the values of P, R and T to find out Simple Interest:
<em>(b) Total repayment amount</em>:
We know that formula for total amount is given as:
<em>Amount = Principal + Simple Interest</em>
Amount = 6000 + 360 = $6360
So, total repayment amount = $6360
So, the answers are:
a) Simple interest paid = $360
b) Total repayment amount = $6360
Answer:
The loaned amount at 11 % is $ 19,000
The loaned amount at 10 % is $ 2,500
Step-by-step explanation:
Given as :
The total loan amount = $21,500
The total interest earn = $2,340.00
The rate of interest are 11 % and 10 %
Let The loan amount at 11 % rate = $P
and The loan amount at 10 % rate = $21,500 - $P
Let The loan took for 1 year
Now,<u> From Simple Interest method </u>
Simple Interest =
=
Or, =
Similarly
=
∵ +
= $2,340
Or, +
= $2,340
Or, 11 P - 10 P + 215000 = 234000
Or, P = 234000 - 215000
∴ P = $ 19,000
And $21,500 - $ 19,000 = $ 2,500
Hence The loaned amount at 11 % is $ 19,000
And The loaned amount at 10 % is $ 2,500 Answer