Asked by Anonymous
Alicia Eastman deposited $2,000 in a savings account at the Biltmore Bank paying 6% ordinary interest. How many years will it take for her investment to amount to $2,600?
Using the scenario from the previous question, determine the maturity date of the loan.
Using the scenario from the previous question, determine the maturity date of the loan.
Answers
Answered by
Henry
I = 2600-2000 = $600
I = Po*(0.06/360)*t = 600
2000*(0.06/360)*t = 600
0.333t = 600
t = 1800 Days = 5 yrs(Assuming 360 days/yr)
I = Po*(0.06/360)*t = 600
2000*(0.06/360)*t = 600
0.333t = 600
t = 1800 Days = 5 yrs(Assuming 360 days/yr)
There are no AI answers yet. The ability to request AI answers is coming soon!