Lauren Michel lends $17,000 at a rate of 10.7% .

1 answer:

7 0

Given:
Principal = 17,000
rate = 10.7%
term = x/360
interest = 1,121.72

Interest = Principal * rate * term
1,121.72 = 17,000 * .107 * x/360
1,121.72 = 1,819x / 360
1,121.72 * 360 = 1,819x
403,632 / 1,819 = x
221.90 = x

Lauren Michelle will have to wait 222 days for her investment to earn $1,121.72

Given:
Principal = x
rate = 9%
term = 10 months
interest = 1,687.50

Interest = Principal * rate * term
1,687.50 = x * 0.09 * 10/12
1,687.50 = x * 0.075
1,687.50 / 0.075 = x
22,500 = x

The amount Sandra Leatherwood invested was $22,500.

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