We need to compute the exact number of days of the loan.
Given:
Loan: 1,870
rate: 11%
term: Oct. 5 to Jan 16.
Oct 5-Oct 31: 26 days
Nov: 30 days
Dec: 31 days
Jan 16: 16 days.
total number of days: 103 days.
Interest = Principal * rate * term
Interest = 1870 * 0.11 * 103/365
Interest = 58.05
Given:
Promissory note $5,380
rate 6.2%
term: July 15 to Dec. 28
July 15 - 31 = 16 days
August: 31 days
September: 30 days
October: 31 days:
November: 30 days
December: 28 days
Total number of days is 166 days
Interest = Principal * rate * term
Interest = 5,380 * 0.062 * 166/365
Interest = 151.70
First thing to do is set up your equation:
45/x = 20/100
Cross multiply
4500 = 20x
And divide by 20
Answer: 225 people were surveyed
Answer:
A = $ 2,120.00
Equation:
A = P(1 + rt)
Calculation:
First, converting R percent to r a decimal
r = R/100 = 3%/100 = 0.03 per year,
then, solving our equation
A = 2000(1 + (0.03 × 2)) = 2120
A = $ 2,120.00
The total amount accrued, principal plus interest,
from simple interest on a principal of $ 2,000.00
at a rate of 3% per year
for 2 years is $ 2,120.00.
Answer:
Step-by-step explanation:
C
