SOLUTION: $8500.80 was the amount required to pay off a loan after 16 months.
If the loan was at 7.80% per annum simple interest, how much of the total was interest? (Do not round your i
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Question 1015633: $8500.80 was the amount required to pay off a loan after 16 months.
If the loan was at 7.80% per annum simple interest, how much of the total was interest? (Do not round your intermediate calculations and round the final answer to the nearest cent.)
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
$8500.80 was the amount required to pay off a loan after 16 months.
If the loan was at 7.80% per annum simple interest, how much of the total was interest? (Do not round your intermediate calculations and round the final answer to the nearest cent.)
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A(t) = P(1+rt)
8500.80 = P(1+0.078(16/12))
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8500.80 = P(1.104)
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Ans: P = $81738.46
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Cheers,
Stan H.
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