Question

7. Tyson obtained a loan from the bank at 7.5% simple interest for 2. 5 years. If the simple interest was

Answer 1

Answer:

7.He borrowed $1853.33

8.She received $28990.936

Step-by-step explanation:

7.Let x be the amount borrowed by Tyson

Rate of interest = 7.5%

Time = 2.5 years

Simple Interest = 347.50

Formula : $Si = \frac{P \times T \times R}{100}$

Where SI = simple interest

P = Principal

T = Time

R = Rate of interest

Substitute the values in the formula :

$347.50=\frac{x \times 2.5 \times 7.5}{100}\\\frac{347.50 \times 100}{2.5 \times 7.5}=x\\1853.33=x$

Hence he borrowed $1853.33

8) Principal = 20000

Rate of interest = 9.5%

No. of compounds per year = 2

Time = 4 years

Formula : $A=P(1+\frac{r}{n})z^{nt}$

Where A= amount

r = Rate of interest

n = no. of compounds

t = time

Substitute the values in the formula :

So, $A=20000(1+\frac{9.5}{200})^{2(4)}$

A=28990.936

Hence she received $28990.936