The total amount Ernest owes the bank after 9 months is $1,225.00
How many months of interest would be paid?
The fact the loan was taken for nine months means that the borrower, Ernest needs to pay interest for nine months, in other words, we would time-apportion the annual interest of 30% to determine the 9-month interest as shown below:
9-month interest rate=30%*9/12
9-month interest rate=22.50%
The amount Ernest is owing the bank is the principal borrowed plus the interest for 9 months as computed below:
total amount owed after 9 months=$1000*(1+22.50%)
total amount owed after 9 months=$1000*1.2250
total amount owed after 9 months=$1,225.00
Find out more about borrowing on:brainly.com/question/28188613
#SPJ1
Answer:
V=1,244.071
Step-by-step explanation:
I put the answer in decimal form and rounded up from .0706, but pi form in included in the pic. I hope this helped! Please leave Brainliest if it did and is right.
Answer:
A
Step-by-step explanation:
Answer: A is 36.82%. B is 35.5%
Step-by-step explanation: For manufacturer A 22/19 chian discount simply means 22% discount followed by 19% discount.
Therefore we have 100-22= 78 and 100-19=81.
The final price would be 0.78*0.81=0.6318
Therefore discount would be
1 - 0.6318=0.3682
Hence, percentage discount would be 0.3682*100%=36.82%.
For manufacturer B 25/14 chian discount means 25% discount followed by 14% discount. So we have 100-25=75% and 100-14= 86%
Final price would be 0.86*.75=0.645.
Discount= 1 - 0.645= 0.355.
Percentage discount would be 0.355*100%=35.5%.
Using the formula for simple interest, it is found that he paid $119.87 in interest.
The<u> simple interest formula</u> is given by:
- E is the amount of interest earned.
- P is the principal(the amount of money invested).
- I is the interest rate(yearly, as a decimal).
- t is the time, in years.
In this problem:
- Borrowed $2,700, thus
- Interest rate of 3.5%, thus
- From December 26, 2019 to February 21, 2021, there were 423 days, thus the time in years is
Thus, the interest paid was of:
$119.87.
A similar problem is given at brainly.com/question/9593067
