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Sidana [21]
3 years ago
5

Billy takes out a $2400 discounted loan using a simple interest rate of 8% for a period of 18 months. What is the effective inte

rest rate?
Mathematics
2 answers:
Nitella [24]3 years ago
7 0

Answer:

<h2>$3456</h2>

Step-by-step explanation:

($2400 x 8)÷100=$192

$192 x 18=$3456

kaheart [24]3 years ago
5 0

Answer:

9.1

Step-by-step explanation:

To calculate the total interest payable, we use the formula

I=P0rt,

and substituting our values yields

I=$2,400×0.08×1812=$288.

Therefore the total amount he receives at loan drawdown is $2,400−$288=$2,112. To calculate the effective interest rate, we use to formula

A=P0(1+ret).

In this instance we have A=$2,400,P0=$2,112 (redefined from the value above) and t=1.5. We substitute into the formula to get

$2,400=$2,112(1+1.5re).

Solve for re.

24002112=1+1.5re

24002112−1=1.5re

24002112−11.5=re

This gives re=0.0909⋯=9.0909…%,  which is 9.1%

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<u>Alternative</u><u> </u><u>working</u><u>:</u>

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