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luda_lava [24]
3 years ago
9

It took her 9 more months but Marina has managed to save the full $725 plus more to cover fees to pay off the pay-day loan compa

ny. However, she forgot to account for the interest that had been compounding over time. Consider it is now 275 days later, the remaining loan was $725 and the APR is 47% compounded daily.
What is the total amount that Marina must now pay in order to pay off her the loan, accounting for interest?

What is the total amount of interest paid (not including fees)?
Computers and Technology
1 answer:
Marianna [84]3 years ago
6 0

Answer:

she loaned 750 dollars.

it took her 9 months to repay it.

it was 275 days since she took out the loan.

the interest rate was 47% per year compounded daily.

the daily interest rate would be 47% / 365 / 100 = .0012876712 per day.

this assumes 365 days in a year, which is the standard assumption that i know of.

the future value of 750 for 275 days would be based on the formula of f = p * (1 + r) ^ n

f is the future value

p is the present value

r is the interest rate per time period (days in this case)

 

n is the number of time periods (days in this case).

the formula becomes:

f = 750 * (1 + .0012876712) ^ 275

solve for f to get:

f = 1068.440089.

that's the future value of the loan.

it's what she owes.

the interest rate on the loan is that value minus 750 = 318.440089.

that's how much extra she needs to pay in addition to whatever fees she was charged.

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Answer:

Check the explanation

Explanation:

//Bugs are highlighted in bold text

class Invoice

Declarations

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private num balanceDue

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Declarations

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//Here is the complete program in c++

//Run the program using Microsoft visual studio 2010 vc++

#include<iostream>

#include<iomanip>

#include<string>

using namespace std;

class Invoice

{

//class varibales

private:

           int invoiceNumber;

           string customer;

           double balanceDue;

           double tax;

//class methods

public:

           void setCustomer(string cus);

           void displayInvoice();

           void setBalanceDue(double balance);

           void setInvoiceNUMBER(int number);

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void Invoice::displayInvoice()

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cout<< setw(10)<<"Invoice #"<<setw(5)<<invoiceNumber<<endl;

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cout<<setw(10)<<"Due: "<<setw(5)<<balanceDue<<endl;

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void Invoice::setCustomer(string cust)

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void Invoice::setBalanceDue(double balance)

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double TAX_RATE = 0.07;

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Invoice inv2;

Invoice inv3;

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inv1.setTax();

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inv2.setTax();

inv2.displayInvoice();

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return 0;

}

Kindly check the output image below.

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