Please note that interest is calculated using the simple interest method. The compounding interest method is not used because the compounding details not provided in the question.
Answer 3 | |||
Number of months ((2*12)+2) | 26 | ||
Interest = Principal x Annual Rate x Time | |||
Interest = 4000 x 10.5% x 26/12 | |||
Interest for 2 years and 2 months | $ 910.00 | ||
Answer 4 | |||
Interest = Principal x Annual Rate x Time | |||
35.10 = 1350 x Annual Rate x 146/360 | |||
35.10 = 1350 x Annual Rate x 0.40555556 | |||
35.10 = Annual Rate x 547.50 | |||
35.10/547.50 = Annual Rate | |||
Annual Rate of interest | 6.41096% | ||
Answer 5 | |||
Interest = Principal x Annual Rate x Time | |||
69.04 = 1500 x 10.33333333% x Days/360 | |||
69.04 = 155 x Days/360 | |||
69.04/155 = Days/360 | |||
0.445419 = Days/360 | |||
0.445419*360 = Days | |||
Number of days needed | 160 | ||
Answer 6 | |||
Number of months ((3*12)+7) | 43 | ||
Interest = Principal x Annual Rate x Time | |||
Interest = Principal x 8.5% x 43/12 | |||
Total Accumulated Value = Principal + Interest | |||
Put value of interest (Interest = Principal x 8.5% x 43/12) | |||
Total Accumulated Value = Principal + (Principal x 8.5% x 43/12) | |||
2627.08 = Principal + (Principal x 0.304583333) | |||
2627.08 = Principal + 0.304583333* Principal | |||
2627.08 = Principal* (1 + 0.304583333) | |||
2627.08 = Principal * 1.304583333 | |||
2627.08/1.304583333 = Principal | |||
2627.08/1.304583333 = Principal | |||
Principal amount | $ 2,013.73 |
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