SOLUTION: A loan of $15,280 was repaid at the end of 8 months. What size repayment check (principal and interest) was written, if an 11.7% annual rate of interest was charged?
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Question 1182560: A loan of $15,280 was repaid at the end of 8 months. What size repayment check (principal and interest) was written, if an 11.7% annual rate of interest was charged?
Round to two decimal places. Found 2 solutions by mananth, MathTherapy:Answer by mananth(16946) (Show Source):
You can put this solution on YOUR website! Amount(A) = Principal(P) + Interest (I)
P= 15280
rate (r) = 11.7% = 0.117
Time = 8 months = (2/3) year
I = 15280 * 0.117 * (2/3)
=1191.84
Check to issued = $ 15,280 + $ 1191.84
You can put this solution on YOUR website! A loan of $15,280 was repaid at the end of 8 months. What size repayment check (principal and interest) was written, if an 11.7% annual rate of interest was charged?
Round to two decimal places.
Accumulated/Future VALUE formula:
Accumulated/Future Value, or
