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Question 908718: OK THESE LAST THREE I KEEP GETTING WRONG HELP !!!
A home builder obtained a preconstruction loan of $60,000 for 3 months at an annual interest rate of 8.2%. What is the simple interest due on the loan
Find the simple interest Kara Tanamachi owes on a 1 1/2 year loan of $7200 at an annual interest rate of 6.8%
A credit union lends a member $6100 for college tuition. The loan is made for 18 months at an annual simple interest rate of 6.1%. What is the maturity value of this loan?
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! A home builder obtained a preconstruction loan of $60,000 for 3 months at an annual interest rate of 8.2%. What is the simple interest due on the loan
Interest = Prt = 60,000*0.082*(1/4) = $1230
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Find the simple interest Kara Tanamachi owes on a 1 1/2 year loan of $7200 at an annual interest rate of 6.8%
interest = Prt = 7200*0.068*(3/2) = $734.40
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A credit union lends a member $6100 for college tuition. The loan is made for 18 months at an annual simple interest rate of 6.1%. What is the maturity value of this loan?
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A(t) = P(1+rt)
A(1.5) = 6100(1+0.061*1.5) = $6658.15
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Cheers,
Stan H.
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