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bija089 [108]
3 years ago
8

our bank granted you a single-payment loan of $31,000 for 45 days at an interest rate of 20%. Your bank charges ordinary interes

t. How much do you pay in interest?
Mathematics
1 answer:
vfiekz [6]3 years ago
5 0

Solution given:

R=rate=20%

T=time=45days =1month and 15 days =1 ½ months=⅛years

P=Principal=$31000

since bank gives/takes compound interest

so

interest=P((1+R/100)^T-1)

=31000((1+20/100)^⅛-1)=$714.6

<u>I</u><u> </u><u>n</u><u>e</u><u>e</u><u>d</u><u> </u><u>t</u><u>o</u><u> </u><u>p</u><u>a</u><u>y</u><u> </u><u>$</u><u> </u><u>7</u><u>1</u><u>4</u><u>.</u><u>6</u>

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Step-by-step explanation:

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