Question

1. Calculate the amount of interest that will be charged on $7000.00 borrowed for five months at 5.5%. 2. Compute the amount of interest on $875.00 at 11.5% pa from May 29, 2013 to August 13, 2013, 3. Determine the deposit that must be made to earn $85 in 7 months at 10.5%. La 16 A12 Daha 7

Answer 1

Answer :- poinciple (P) = $7000 time (t) - 5 months (o) 150 days. Interest sale (o)= 5:51: Amount of antaest Pxrxt IDO 7000 * 5.5x5 100 X 12 1000 x x 1200 $ 160.42 .. Intrest $160.42 papnciple (P) = $875 Rate (or = 11.5% time (t) - from gath may 2013 to 18th august 2013 (77 days 77 365

Simple interest Pxrxt 100 875 x 11.5-17 ICO Y 365 Interest $21.29 3 Interest earned = $85. Time - 7 months Rare of interest = 10.5% 20 105 to calculate simple intarest use formula 1 / 2 years 1 - Pxrxt 85 = Px 0.10g x. 2 12 P = 858 12 0105 x IP = 1387.75 P This $1382.75 deposit must be morder to shan $85 an 7 months at 10:57

I hope this solutions will be helpful to you

please like

Thank you