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

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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) About Me  (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) About Me  (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: highlight_green%28%22%2421%2C052.14%22%29

Answer by greenestamps(13203) About Me  (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.