The final value (FV) that is paid in a loan (which is the sum of the capital and the interests) equals the present value (PV) of the loan multiplied by $(1+i\times{n})$ , in a simple interest context, where "n" equals the periods of time and "i" equals the interest rate valid for that periodicity.
Then $FV=PV\times(1+i\times{n})$ . In this case, PV=$15,000; final value equals FV=$15,000+1,687.5= $16,687.5.
We should clear "n" from our equation, which means: $16,687.5=15,000\times(1+n\times0.075)$ . Dividing both sides by 15,000, then subtracting 1 both sides, and finally dividing by 0.075 both sides, results in n=1.5.
Then, Malorie had the loan for one an a half periods.

3 0

2 years ago

state a strategy for solving a linear system of equations. provide step by step instructions for the chosen strategy such that a

Vesnalui [34]

First solve one of the two equations (whichever is easier) for either x or y, whichever variable is easier. Let's say you solved for x. Then plug what x equals into the 2nd equation as x. So if you got x = 2y + 1, plug that into your other equation and solve for y (you should get a number value).
Now take whatever y equals and plug that back into what you got when you solved for x (the x = 2y + 1) to get what x equals.

4 0

3 years ago