Calculate the value of x. Interest Amount Principal / Present Value Interest Rate (per year) Time...

Question

Question

Calculate the value of x. Interest Amount Principal / Present Value Interest Rate (per year) Time $2009 7.34% 12 months х Ans

Answer 1

Answer #1

1)

Interest amount x = Present value * Interest rate for the time period

Interest amount x = 2009*0.0734 = $147.46

2)

Future value = x*Interest rate for 121 days

3308 = x*(1+0.1013*121/365)

x = $3200.52

3) c. $1000

Principal amount is the amount borrowed by Sarah = $1100 ~ $1000

Answer 2

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