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ludmilkaskok [199]
4 years ago
10

A demand loan for $8,944.61 with interest at 7.8% compounded semi-annually is repaid after two years, seven months. What is the

amount of interest paid?
Select one: a. $1,942.56 b. $1,946.87 c. $1,952.88 d. $1,954.94
Mathematics
Casey
3 years ago
thank you for showing me the correct formula. I finally got my homework question right!
1 answer:
disa [49]4 years ago
7 0

Answer:

the correct answer is option D which is $1,954.94

Step-by-step explanation:

loan amount =  $8,944.61

interest =  7.8% = 7.8 %/2 = 3.9 %

compounded semi annually =  2 × 12 + 7 = 31 months

                         time = 31/6 months

I =P(1+\dfrac{r}{100})^{\frac{31}{6}}-P\\ \\I =  8994.61(1+\dfrac{3.9}{100})^{\frac{31}{6}}-8994.61 \\I =1954.94

hence, the correct answer is option D which is $1,954.94

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