SOLUTION: Hello I have been trying for hours to solve this problem and I just cant. The problem is as follows:
Brian borrowed $7,120.85 from the bank at a simple rate of 8% for 5y.
FIN
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-> SOLUTION: Hello I have been trying for hours to solve this problem and I just cant. The problem is as follows:
Brian borrowed $7,120.85 from the bank at a simple rate of 8% for 5y.
FIN
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Question 826376: Hello I have been trying for hours to solve this problem and I just cant. The problem is as follows:
Brian borrowed $7,120.85 from the bank at a simple rate of 8% for 5y.
FIND: a) The interest after 5y
b) The total payment after 5y
Thank you! Answer by KMST(5328) (Show Source):
You can put this solution on YOUR website! If the interest is simple interest,
each year 8% =(8/100=0.08}}} of the original $7,120.85 loan amount would be accrued.
a) Over 5 years the interest accrued would be 5 times that, or
$= $ .
b) If no payments were due over the 5 years, and the loan is paid all at once after exactly 5 years, the total payment is
$7120.85 + $2848.34 = $ .
