SOLUTION: A loan of $ 20,354 was repaid at the end of 7 months. What size repayment check​ (principal and​ interest) was​ written, if a 4.9 % annual rate of interest was​ charged? T

Algebra.Com
Question 1133910: A loan of $ 20,354 was repaid at the end of 7 months. What size repayment check​ (principal and​ interest) was​ written, if a 4.9 % annual rate of interest was​ charged?
The amount of the repayment check was
​
Found 3 solutions by Boreal, MathTherapy, greenestamps:
Answer by Boreal(15235)   (Show Source): You can put this solution on YOUR website!
P=Po(1+(.049*7/12)), the rate was multiplied by 7/12 since not annual.
=$20935.79
Answer by MathTherapy(10555)   (Show Source): You can put this solution on YOUR website!

A loan of $ 20,354 was repaid at the end of 7 months. What size repayment check​ (principal and​ interest) was​ written, if a 4.9 % annual rate of interest was​ charged?
The amount of the repayment check was
If simple interest, then:  

Answer by greenestamps(13203)   (Show Source): You can put this solution on YOUR website!
 


The calculation and the answer from tutor @Boreal are correct.  We can only guess what calculation the other tutor used, since he only showed his answer. 

RELATED QUESTIONS


A loan of $20420 was repaid at the end of 8 months. What size repayment check (principal... (answered by Alan3354)

A loan of 23,243 was repaid at the end of 11 months. What size repayment check (principal  (answered by Collinwilfixyouuprealnice)

A Loan of $15,876  was repaid at the end of 12 months. What size repayment check (... (answered by Boreal)

A loan of $7534 is repaid at the end of 10 months.  What size repayment check ( principal  (answered by rfer)

A loan of $15,280 was repaid at the end of 8 months. What size repayment check​... (answered by mananth,MathTherapy)

A loan of $900 was repaid at the end of 12 months with a check of $930. What annual rate... (answered by stanbon)

A loan of $940 was repaid at the end of 18 months with a check for $970. What annual rate  (answered by addingup)

A loan of $1,030 was repaid at the end of 18 months with a check for $1,050. What annual... (answered by mananth)

A loan of $7,000 was repaid at the end of 10 months with a check for $7,470. What simple... (answered by Boreal)