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?
1 answer:
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
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