Homework Answers
Given:-
Principal Amount = $6200
Rate = 9.6% P.A.
Time = ?????
Simple Interest = $366.90
So, As per formule of simple Interest,
Simple Interest = (principal x rate x time)/100
=366.90= (6200 x 9.6 x Time)/100
=366.90x100= 59520xTime
Therefore,
Time= 36690/59520
= 0.616 years
= 0.616 x 365 days
= 225 days (rounded)
So the loan is repayable on July 7th + 225 days
That is February 17th of next year.
( Note:- year in the image was not clear, thats why i have not mentioned the year in solution, simply the year will be +1 from the given year. date& month is provoided in the solution)
*** If you are satisfied with the solution, kindly UPVOTE ? this answer. Thank You
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