Question

I am working through these problems but

I need some reassurance, please show work so i can compare

03 © Aa 09 Ô Q Search 1. Given the following, and using the ordinary Interest method, solve for the Principal (P). Round to the nearest cent. 12 points) 1 = $942 R = 3.5% T60 days 2. Given the following solve for the Rate (R). Round to the nearest tenth percent. (2 points) 1 $510 P = $42,009 T = 18 months 3. Given the following solve for the Time (T) in days. Round to the nearest day. (2 points) I $28 P = $1,985 R. 43% 4 Recently Mr. Roble, the owner of the Black Cot Bokery, purchased some equipment for the Bakery Mr. Robe purchased $27000 in additional equipment, and made a cash down payment of $2,700. He secured aloon for the remaining $24,300, with an interest rate of 2.5%, and a time period of 180 days. [4 points) A) Using ordinary interest, how much will he need to pay back at the end of 180 days? Round to the nearest cent. B) Using exact interest, how much will he need to pay back at the end of 180 days? Round to the nearest cent.

Answer 1

Q1) interest = principal × rate × time

942   = principal × 0.035 × 60 / 360

942 = principal × 0.035 /6

942 × 6 / 0.035 = principal

5,652 / 0.035 = principal

Principal = $161,486

Q2) Interest = principal × rate × time

510. = 42,009 × rate × 1.5

510 = 63,014 × rate

Rate = 510 / 63,014

Rate = 0.0081 or 0.81%

Q3) Interest = principal × rate × time

28 = 1,985 × 0.043 × time

28. = 85.355 × time

Time = 28 / 85.355

Time = 0.3280 × 360

Time = 118 days

Q4 a) Amount = principal ( 1 + rt )

= 24,300 ( 1+ 0.025 × 180/360 )

= 24,300 ( 1 + 0.025 /2 )

= 24,300 ( 1+0.0125)

= 24,300 (1.0125)

= 24,604