A loan of $4500.00 was repaid together with interest of $1164.00. If interest was 12 .4% compounded quarterly, for how many months was the loan taken out?
Answers
Answer:
Simple Interest
Discussing interest starts with the principal, or amount your account starts with. This could be a starting investment, or the starting amount of a loan. Interest, in its most simple form, is calculated as a percent of the principal. For example, if you borrowed $100 from a friend and agree to repay it with 5% interest, then the amount of interest you would pay would just be 5% of 100: $100(0.05) = $5. The total amount you would repay would be $105, the original principal plus the interest.
Simple One-time Interest
I = P0r
A = P0 + I = P0 + P0r = P0(1 + r)
I is the interest
A is the end amount: principal plus interest
P0 is the principal (starting amount)
r is the interest rate (in decimal form. Example: 5% = 0.05)
Answer:
by taking out the simple interest just find out the solution...