Find the amount (in $) of interest on the loan. Principal Rate (%) Time Interest $90,000 7 1 4 6 months Step 1 Recall the formula to calculate the amount of interest earned, I, where P is the principal, R is the rate expressed as a decimal, and T is the time in years. I = PRT The rate was given to be 7 1 4% but must be converted to a decimal before using in the above formula. As a decimal, we have 7 1 4% = . Since the time is given to be 6 months, the time factor should be expressed as a fraction of a year. The numerator will be the given amount of time, and the denominator will be 12 months (1 year). This leads to the following value of T, as a fraction. T = given time in months 12 months = 12
Find the amount (in $) of interest on the loan. Principal Rate (%) Time Interest $90,000 7 1 4 6 months Step 1 Recall the formula to calculate the amount of interest earned, I, where P is the principal, R is the rate expressed as a decimal, and T is the time in years. I = PRT The rate was given to be 7 1 4% but must be converted to a decimal before using in the above formula. As a decimal, we have 7 1 4% = . Since the time is given to be 6 months, the time factor should be expressed as a fraction of a year. The numerator will be the given amount of time, and the denominator will be 12 months (1 year). This leads to the following value of T, as a fraction. T = given time in months 12 months = 12
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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Question
Find the amount (in $) of interest on the loan.
| Principal | Rate (%) | Time | Interest | ||
|---|---|---|---|---|---|
| $90,000 |
7
|
6 months |
Step 1
Recall the formula to calculate the amount of interest earned, I, where P is the principal, R is the rate expressed as a decimal, and T is the time in years.
I = PRT
The rate was given to be
7
%
but must be converted to a decimal before using in the above formula. As a decimal, we have
| 1 |
| 4 |
7
% = .
| 1 |
| 4 |
Since the time is given to be 6 months, the time factor should be expressed as a fraction of a year. The numerator will be the given amount of time, and the denominator will be 12 months (1 year). This leads to the following value of T, as a fraction.
| T | = |
|
||
| = |
|
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