(a) [5 MARKS] Suppose we borrowed €1,000 at 8% p.a. simple interest on July 1st, 2023. We then paid €300 on September 29th, 2023 towards our debt. Find the balance on October 29th, 2023 using the Merchant's rule. 5 (b) [8 MARKS] Show that a single payment of D= D1 + D2+ D3 due in t = Diti+ D2 t2+ D3 t3 D days will discharge a debt of D₁ due in t₁ days, D₂ due in t2 days, D3 due in tз days. Assume an annual simple interest rate i applies, < t2
(a) [5 MARKS] Suppose we borrowed €1,000 at 8% p.a. simple interest on July 1st, 2023. We then paid €300 on September 29th, 2023 towards our debt. Find the balance on October 29th, 2023 using the Merchant's rule. 5 (b) [8 MARKS] Show that a single payment of D= D1 + D2+ D3 due in t = Diti+ D2 t2+ D3 t3 D days will discharge a debt of D₁ due in t₁ days, D₂ due in t2 days, D3 due in tз days. Assume an annual simple interest rate i applies, < t2
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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![(a) [5 MARKS] Suppose we borrowed €1,000 at 8% p.a. simple interest on July 1st,
2023. We then paid €300 on September 29th, 2023 towards our debt. Find
the balance on October 29th, 2023 using the Merchant's rule. 5
(b) [8 MARKS] Show that a single payment of
D= D1 + D2+ D3 due in t =
Diti+ D2 t2+ D3 t3
D
days
will discharge a debt of D₁ due in t₁ days, D₂ due in t2 days, D3 due in tз
days. Assume an annual simple interest rate i applies, < t2<t3 and tз is
the comparison date.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5b270310-db7f-48f1-9c4d-a065b630f897%2F8d6328b2-b4d6-4a3b-9535-756a7725c931%2Fugd9bir_processed.jpeg&w=3840&q=75)
Transcribed Image Text:(a) [5 MARKS] Suppose we borrowed €1,000 at 8% p.a. simple interest on July 1st,
2023. We then paid €300 on September 29th, 2023 towards our debt. Find
the balance on October 29th, 2023 using the Merchant's rule. 5
(b) [8 MARKS] Show that a single payment of
D= D1 + D2+ D3 due in t =
Diti+ D2 t2+ D3 t3
D
days
will discharge a debt of D₁ due in t₁ days, D₂ due in t2 days, D3 due in tз
days. Assume an annual simple interest rate i applies, < t2<t3 and tз is
the comparison date.
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