SOLUTION: PLZ SOLVE THIS
$8829.60 was the amount required to pay off a loan after 18 months.If the loan was at 8.80% per annum simple interest, how much of the total was interest? (Do not
Algebra.Com
Question 1015224: PLZ SOLVE THIS
$8829.60 was the amount required to pay off a loan after 18 months.If the loan was at 8.80% 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.)
Found 2 solutions by FrankM, addingup:
Answer by FrankM(1040) (Show Source): You can put this solution on YOUR website!
8.8% simple interest per year is 13.2% over the 18 months period.
$8829.60/1.132 = $7800 to start.
Answer by addingup(3677) (Show Source): You can put this solution on YOUR website!
8829.60= x(1+((0.088/12)*18))
8829.60= x(1+0.132)
8829.60= x1.132
x= 8829.60/1.132= 7,800 this is the original amount of the loan, and the interest:
8,829.60-7,800= 1,029.60 is the total interest.
RELATED QUESTIONS
$8500.80 was the amount required to pay off a loan after 16 months.
If the loan was... (answered by stanbon)
Lily and Frank found a house they like, and to buy it they will have to borrow $360,000... (answered by Theo)
Kathleen has a $610 loan payment due in eight months. What amount of money should she be... (answered by CPhill,ikleyn)
Student loans are a hot discussion topic today both in the news and at home. Those of us... (answered by solver91311)
1.Marina had an accident with her car and the repair bill came to $800. She didn’t have... (answered by ikleyn)
Suppose you are have purchased a house and need a loan for $255,000. You decide to do a... (answered by Theo)
Please help with the homework:
Liza purchases an apartment by paying a deposit of... (answered by ikleyn,MathTherapy)
Younus Limited (YL) has borrowed an amount of Rs. 100,000 at an interest of 10% per annum (answered by Theo)
Sophie borrowed $2000 and took 3 years to repay the loan and $900 interest.
a)What was... (answered by Theo)