meredith48034
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a student takes out an emergency loan for tuition, books, and supplies. The loan is for $900 with an interest rate of 8%. How much is does the season pay if the loan is paid back in 60 days?

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Respuesta :

fieryanswererft

$912

    simple interest = Principal * Rate * Time (in years)

Here given:

  • principal: $900
  • rate: 8%
  • time: 60 days = 60/360 = 1/6 years                [ 1 years = 360 days ]

So, simple interest:

  • 900 * 8% * 1/6
  • 900 * 8/100 * 1/6
  • $12

Pays back: $900 + $12 = $912 back.

semsee45

Answer:

$911.84

Step-by-step explanation:

Formula

[tex]\sf A=P\left(1+\dfrac{rt}{n}\right)[/tex]

where:

  • A = amount
  • P = principal
  • r = interest rate (decimal form)
  • t = term
  • n = number of units of term per year

Given:

  • P = $900
  • r = 8% = 0.08
  • t = 60
  • n = 365

[tex]\implies \sf A=900\left(1+\dfrac{0.08 \times 60}{365}\right)[/tex]

[tex]\implies \sf A= \$911.84\: \textsf{(nearest cent)}[/tex]

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