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Answer:
the size of payments is $23.69
total interest is $777.15
Step-by-step explanation:
Given data
principal (p) = $3300
rate (r) = 7.85 % =
time period (t) = 3 years = 3 × 365/7 weeks
to find out
the size of payments, and the total interest paid
solution
we know interest is yearly so in weekly interest will be i.e.
interest = 0.0785 × 7/365
so total interest will be here i.e
interest = p × r × t
put all value for weekly interest
total interest = 3300 × (7.85 × 7/365) × (3 × 365/7) = 777.15
total interest is $777.15
now we calculate amount per weekly i.e. given by formula
payment = principal
now put all value principal rate time we get payment amount per week
payment = principal
payment = 3300
payment = 23.693143
the size of payments is $23.69