If $5,000 is borrowed at a simple interest rate of 4.70% p.a., calculate the interest charged for 7 months.
1 answer:
Answer:
Using a personal loan APR of 7.63% as an example, here's a simple breakdown of what the personal loan payment calculator can show you for a $5,000 loan and $10,000 loan.
Step-by-step explanation:
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Answer: 3=24/8 24/8 - 1/8 = 23/8 or 2 7/8
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Exchange 3 into 24/8 which is still 3 but in 8th’s. Then subtract 1/8 from 24/8 which is 23/8 or 2 7/8
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$1522
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M = 7 + 3*J
M = 7 + 3*505
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Answer: $498.08
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