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motikmotik
2 years ago
12

PLEASE HELP!! I need this completed ASAP but I don't understand any of it!! It's due very soon!

Mathematics
1 answer:
lidiya [134]2 years ago
6 0

Answer:

Step-by-step explanation:

a) you know interest is 22 and principal is 1000 and number of months is 1

b) I = rPm

   r = I/Pm

c) r = 22 / 1000(1) = 0.022 /month or 2.2% per month

or 12(0.022) = 0.264 or 26.4 % per year.

d) interest is $15, loan period is 2 weeks which occurs once during the loan, interest rate is 10% per two weeks.

P = I/rm

e) P = 15 / 0.10 = $150

Notice that there are 52 weeks/yr / 2week loan period = 26 period in a year.

This means that the APR is 0.10(26) = 2.60 or 260% annual interest rate. Pretty good return on investment if you are the lender and can keep your money lent out. Not so good if you are the borrower.

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