Asked by lijm
Patty takes out a 105 day loan for $12,000. The yearly interest rate for the loan is 13.5% simple interest. How much money will she owe at the end of the 105 days?
I think that the formula is A=P(1+rt) correct?
And since it is asking for how much she will owe at the end of the 105 days, it can be considered the future value right?
So I must solve for the amount?
P=$12,000 *t=105/365 r=13.5
* is the unit for t written correctly?
I think that the formula is A=P(1+rt) correct?
And since it is asking for how much she will owe at the end of the 105 days, it can be considered the future value right?
So I must solve for the amount?
P=$12,000 *t=105/365 r=13.5
* is the unit for t written correctly?
Answers
Answered by
Reiny
A=P(1+rt)
= 12000(1+ (.135)(105/365)
= 12000(1 + .0388356..)
= $12466.03
= 12000(1+ (.135)(105/365)
= 12000(1 + .0388356..)
= $12466.03
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.