SOLUTION: What is the maximum amount Ginger Logan can borrow today if it must be repaid in 13months with simple interest at 7% and she knows that at the time she will be able to repay no mor
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Question 1167251: What is the maximum amount Ginger Logan can borrow today if it must be repaid in 13months with simple interest at 7% and she knows that at the time she will be able to repay no more than $44,000? Answer by Boreal(15235) (Show Source):
You can put this solution on YOUR website! The amount is x
the interest is x*0.07*13/12=0.075833x that she will have to pay back.
therefore the amount she will have to pay back, $44000=1.075833x
x=$40898.53
