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3 years ago

Jim borrows $14,000 for a period of 4 years at 6 % simple interest. Determine the interest due on the loan. [4 marks

Mathematics

1 answer:

tino4ka555 [31]3 years ago

7 0

Answer: $ 3,360

Step-by-step explanation:

Given : The principal amount borrowed for loan : $P=\ \$14,000$

Time period : $t=4$

Rate of interest : $r=6\%=0.06$

The formula to calculate the simple interest is given by :-

$S.I.=P\times r\times t\\\\\Rightatrrow\ S.I.=14000\times4\times0.06\\\\\Rightatrrow\ S.I.=3360$

Hence, the interest due on the loan = $ 3,360

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√₂

snow_lady [41]

Answer:

$2000 was invested at 5% and $5000 was invested at 8%.

Step-by-step explanation:

Assuming the interest is simple interest.

<u>Simple Interest Formula</u>

I = Prt

where:

I = interest earned.
P = principal invested.
r = interest rate (in decimal form).
t = time (in years).

Given:

Total P = $7000
P₁ = principal invested at 5%
P₂ = principal invested at 8%
Total interest = $500
r₁ = 5% = 0.05
r₂ = 8% = 0.08
t = 1 year

Create two equations from the given information:

$\textsf{Equation 1}: \quad \sf P_1+P_2=7000$

$\textsf{Equation 2}: \quad \sf P_1r_1t+P_2r_2t=I\implies 0.05P_1+0.08P_2=500$

Rewrite Equation 1 to make P₁ the subject:

$\implies \sf P_1=7000-P_2$

Substitute this into Equation 2 and solve for P₂:

$\implies \sf 0.05(7000-P_2)+0.08P_2=500$

$\implies \sf 350-0.05P_2+0.08P_2=500$

$\implies \sf 0.03P_2=150$

$\implies \sf P_2=\dfrac{150}{0.03}$

$\implies \sf P_2=5000$

Substitute the found value of P₂ into Equation 1 and solve for P₁:

$\implies \sf P_1+5000=7000$

$\implies \sf P_1=7000-5000$

$\implies \sf P_1 = 2000$

$2000 was invested at 5% and $5000 was invested at 8%.

Learn more about simple interest here:

brainly.com/question/27743947

brainly.com/question/28350785

5 0

1 year ago

So what's the answer for 35% of 22

kondor19780726 [428]

You divide 22 by 10 (2.2) and then multiply that by 3 to get 30%, which is 6.6. Then, you divide 2.2 by 2 to get 1.1, which is 5%. After this you just add them up to get the answer as 7.7.
Also, if you have q calculator, you can do it the short way and do 22 × 0.35 = 7.7

8 0

3 years ago

Read 2 more answers

Edna decided to purchase a $15,000 MSRP vehicle at a 5% interest rate for 3 years. The dealership offered her a $1500 cash-back

Ad libitum [116K]

P = A/D, Where P = Monthly payments, A = Total amount owed = 15,000-1,500 = $13,500,

$D= \frac{( 1+ \frac{r}{12} )^{nt} -1}{ \frac{r}{12} (1+ \frac{r}{12}) ^{nt} }$

r = 5% = 0.05, nt = 12*3 = 36

Therefore,
D = $\frac{(1+ 0.05/12)^{36}-1 }{(0.05/12)(1+0.05/12)^{36} }$ = 33.37

Then,

P = 13,500/44.37 = $404.61
The correct answer is c.

5 0

3 years ago

Please help with areas

Softa [21]

Answer:

Step-by-step explanation:

7) The formula for determining the area of a parallelogram is expressed as

Area = base × height.

Length of base = Area/height

Therefore,

Length of base = 7/2 = 3.5 feet

8) The formula for determining the area of a trapezoid is expressed as

Area = 1/2(a + b)h

Where

a and b are the length of the bases

h is the height. Therefore

21 = 1/2(2 + 4)h

21 = 3h

h = 21/3 = 7 inches

9) Area = base × height.

Height = Area/Length of base

Height = 28/14 = 2 inches

10) a and b are 10 inches each.

Area = 1/2(a + b)h

Therefore,

35 = 1/2(10 + 10)h

35 = 10h

h = 35/10

h = 3 inches

7 0

3 years ago

I need help solving this equation<br> 4n-9=2(5+2n)

Nastasia [14]

First, use distributive property on the right half.

2 * 5 = 10

2 * 2n = 4n

4n - 9 = 10 + 4n

Add 9 to both sides

4n = 19 + 4n

Subtract 4n from both sides

0 = 19

But thats not true. Therefore, there is no solution.

4 0

3 years ago