Miguel Sebring took out a loan for $5,000 at 9.5% exact interest for 90 days. How much interest will Miguel pay?
1 answer:
Answer: Miguel will pay Rs 11,875.
Step-by-step explanation:
P = 5,000
R = 9.5%
T = 90 days
now changing time into years
360 days = 1 year
90 days = 1/360 * 90 = 1/4 years = 0.25 years
now
I = PTR/100
= (5,000*9.5*0.25)/100
= 11,875
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